§ 16. Exchange of property when no gain or loss is realized. When\nproperty is exchanged for other property and no gain or loss is realized\nunder the provisions of the preceding section, the property received\nshall be treated as taking the place of the property exchanged therefor.\nWhere no gain or loss is realized under the provisions of subdivision\neleven of the preceding section, the basis of the property received\nshall be the same as it would be in the hands of the transferror\ndetermined in accordance with the provisions of section fourteen of this\npart.\n
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