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QUESTION 4 Nick exchanges property ( basis of $ 1 0 0 , 0 0 0 ; fair market value of $ 3 million )
QUESTION
Nick exchanges property basis of $; fair market value of $ million for shares of the stock of Yellow Corporation. The other shares of the corporation's stock are
owned by Gloria who acquired the shares several years ago. Nick will have a taxable gain on the exchange.
True
False
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