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Which of the following is true with regard to the receipt of boot in a transfer under IRC 351? Losses are always recognized. Gain is

Which of the following is true with regard to the receipt of boot in a transfer under IRC 351?

Losses are always recognized.

Gain is recognized to the extent of the lesser of the realized gain or the fair market value of the boot received.

Boot has no impact on a transfer under IRC 351.

Gain is recognized for the full fair market value of the boot received. DUE IN 30 minutes. This is a test

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