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I just wanted to clarify something.
Recognized Gain = LESSER of Realized gain or Boot Received.
What is the exact and complete formula for Boot Received?
+Cash Received
+Liability Relief
+Non-Like Kind Exchange FMV
=Boot Received
But what about Cash Paid or Liab Assumed? Do I subtract that too in order to arrive to Boot Received? And is that the complete formula? Please let me know. Thank you.
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