Which of the following statements is false?
a)If the FMV of a gifted property on the date of the gift is greater than the donor's
sis, the donor's basis carries over to the donee.
b) The basis of boot received in the exchange is always the boot's fair market value
c) If a loss occurs on an involuntary conversion, It is postponed and not recognized
d) Qualifying like -kind exchanges include only exchanges involving real property used
for business or investment purposes