Generally, the taxpayer is NOT allowed to offset boot received with boot paid. However, when the taxpayer gives and receives boot in the form of liabilities, the taxpayer is allowed to net the boot received with the boot paid.

Generally, the taxpayer cannot offset boot received with boot paid. The general rule is that the taxpayer cannot offset boot received with boot paid.

Boot refers to non-monetary property or liabilities exchanged in a like-kind exchange. In most cases, when the taxpayer gives and receives boot, such as cash or other non-like-kind property, they are not allowed to offset the boot received with the boot paid.

This means that any boot received would be taxable. However, there is an exception when the boot given and received is in the form of liabilities. In such cases, the taxpayer is allowed to net the boot received with the boot paid, reducing the taxable amount.

The general rule is that the taxpayer cannot offset boot received with boot paid. However, when the boot given and received is in the form of liabilities, the taxpayer is permitted to net the boot received with the boot paid, providing a potential tax benefit by reducing the taxable amount.

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