Itak Company transferred an old asset with a $44,300 adjusted tax basis in exchange for a new asset worth $48,000 and $3,000 cash. Which of the following statements is false? a. If the exchange is taxable, Itak recognizes a $6,700 gain. b. If the exchange is nontaxable, Itak recognizes a $3,000 gain. c. If the exchange is nontaxable, Itak's tax basis in the new asset is $44,300. d. None of the statements is false.