Doppia Company transferred an old asset with a $68,750 adjusted tax basis in exchange for a new asset worth $90,000 and $10,000 cash. Which of the following statements is false?
A) If the exchange is nontaxable, Doppia's tax basis in the new asset is $78,750.
B) The old asset's FMV is $100,000.
C) If the exchange is nontaxable, Doppia's recognized gain is $10,000.
D) None of the statements is false.
