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CCH Federal Taxation Basic Principles Chapter 11 Property Transactions: Nonrecognition of Gains and ... - page 42 / 66

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CCH Federal Taxation Basic Principles

42 of  66

Net boot received (NBR)

“Net boot received” however is a tricky concept.  Generally, 3 rules apply to NBR:   1.Mortgage relief may be offset by any boot given, except boot in rule 3 below. 2.Mortgage assumptions may offset only mortgage relief. 3.The basis of inventory, stock and other intangible property given may not offset the FMV of any boot received.

Like-Kind Exchanges—

Tax Treatment for Gain or Loss

Chapter 11, Exhibit 12d

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