AICPA每日一练之FAR【2016-4-6】

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In the exchange of nonmonetary assets that lacks commercial substance:

a. If no boot is paid there will be no loss recognized.

b. If boot is paid, all realized gains are partially recognized.

c. If boot is paid, all realized losses are fully recognized.

d. If boot is received, all realized gains are fully recognized.

Answer：C

Choice "c" is correct. In any exchange, all realized losses are fully recognized in accordance with the principle of conservatism. Of course, theoretically, such losses should have already been recognized as part of the impairment process.

Choice "a" is incorrect. All realized losses are fully recognized regardless of the boot exchanged.

Choice "d" is incorrect. If boot is received in an exchange of similar assets, realized gains are at least partially recognized.

Choice "b" is incorrect. Realized gains are at least partially recognized when boot is received, not paid.

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