Explain your answer with legal arguments

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Reference no: EM13551112

Frank, in a total distribution from his employer's retirement plan, received $10,000 cash and $20,000 worth of property. Frank decided to keep the property and roll over into an IRA the $10,000 cash received along with an additional $20,000 cash representing the value of the property received. Frank's transaction would qualify as a tax-free rollover. True or False, explain your answer with legal arguments.

Reference no: EM13551112

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