...that the property received in exchange consists not only of property permitted by such subsection to be received without the recognition of gain, but also...such money and the fair market value of such other property. No loss to the recipient shall be recognized. (b) See section 357 and the regulations pertaining...

...money or other property, then the gain, if any, to the shareholder is recognized, but in an amount not in excess of the sum of such money and the fair market value of such other property. 22Reg. §1.368-l(d)(l). 23 Id. 24 Reg. §1.368-l(d)(2)(iii). 25 Reg. §1.368-l(d)(2)(i)....