Which of the following statements best describes the impact of receiving boot in a section 351 transaction?
A) Boot received has no impact on the recognition of gain or loss realized in a section 351 transaction.
B) Boot received causes gain realized to be recognized, but not loss realized.
C) Boot received causes loss realized to be recognized, but not gain realized.
D) Boot received causes gain or loss realized to be recognized.
Correct Answer:
Verified
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