When Assets Are Exchanged at a Loss in an Exchange

When assets are exchanged at a loss in an exchange lacking commercial substance,the basis of the new asset is usually

A) the list price of the new asset.
B) the book value of the old asset plus any cash paid on the trade-in.
C) the fair market value of the new asset.
D) either the book value of the old asset plus any cash paid on the trade-in or the fair market value of the new asset.