ACC 304 Course Great Wisdom / tutorialrank.com ACC 304 Course Great Wisdom / tutorialrank.com | Page 126

S44. When boot is involved in an exchange having
commercial substance.

a. gains or losses are recognized in their entirely.

b. a gain or loss is computed by comparing the fair value of
the asset received with the fair value of the asset given up.

c. only gains should be recognized.

d. only losses should be recognized.