Kornek Inc

Kornek Inc. transferred an old asset with a $200,000 adjusted tax basis plus $12,000 cash in exchange for a new asset worth $260,000. Which of the following statements is false?

A) If the exchange is taxable, Kornek recognizes a $48,000 gain.
B) If the exchange is nontaxable, Kornek recognizes a $12,000 gain.
C) If the exchange is nontaxable, Kornek's tax basis in the new asset is $212,000.
D) None of these statements is false.