Final answer:
When an acquired asset lacks commercial substance and no boot is received, its basis will be equal to the basis of the asset given up in the exchange.
Step-by-step explanation:
If an acquired asset lacks commercial substance and no boot is received, then the basis of the acquired asset will be equal to the basis of the asset given up in the exchange. This means that the value of the acquired asset will be determined by the value of the asset given up, rather than any additional cash or other property received.