Indicate whether the following statements are "True" or "False" regarding the tax treatment of the discharge of indebtedness.

a$.$ If the creditor reduces the debt as an act of love, affection, or generosity, the debtor has simply received a nontaxable gift.

b$.$ In many situations, the Code allows the debtor to reduce his or her basis in the assets by the realized gain from the discharge of indebtedness.

c$.$ A transfer of appreciated property $($fair market value is greater than adjusted basis$)$ in satisfaction of a debt is an event that triggers the realization of income.

d$.$ A shareholder's cancellation of the corporation's indebtedness to him or her usually is considered a taxable transaction.