Question: When exchanging nonmonetary assets a. boot must be associated with the transaction in order to recognize a gain or loss. b. recognized gain or loss

When exchanging nonmonetary assets a. boot must be associated with the transaction in order to recognize a gain or loss. b. recognized gain or loss can occur depending on the fair value of the asset surrendered and the fair value of the asset received. c. a loss can be recognized only when the fair value of the asset received plus boot is greater than the book value of the asset surrendered. d. recognized gain or loss can occur depending on the book value of the asset surrendered and the fair value of the asset surrendered.

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