Which of the following statements is correct?
a. In a nontaxable exchange in which gain is realized, the transaction results in a permanent recovery of more
than the taxpayer's cost or other basis for tax purposed
b. In a nontaxable exchange in which loss is realized, the transaction results in a permanent recovery of less than the taxpayer's cost or other basis for tax purposes.
c. In a tax-free transaction in which gain is realized, the transaction results in the permanent recovery of more than the taxpayer's cost or other basis for tax purposes.
d. All of the above.
None