Where non-like-kind property other than cash is received as boot,the amount of the boot is the property's fair market value.

Name: Where non-like-kind property other than cash is received as boot,the amount of the boot is the property's fair market value.
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Question

Quizplus · Accepted Answer

This is correct per the rules of the IRS. When non-like-kind property is received as boot in a transaction, the amount of the boot is equal to the fair market value of the property at the time of the exchange.

Where Non-Like-Kind Property Other Than Cash Is Received as Boot,the