Question: Please answer two questions. Discuss the formula for determining basis in an asset if it was received in a tax deferred transaction (i.e., property received

Please answer two questions. Discuss the formula for determining basis in

Please answer two questions.

Discuss the formula for determining basis in an asset if it was received in a tax deferred transaction (i.e., property received in a like-kind exchange, stock received in a Section 351 transaction, etc.) Describe the interaction of Section 165 with the general recognition rule of Section 1001 (describe at least two effects of Section 165 (i.e., it applies to a variety of contexts)

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