In Section 10 of Grundgesetze, Volume I, Frege advances a mathematical argument (known as the permutation argument), by means of which he intends to show that an arbitrary value-range may be identified with the True, and any other one with the False, without contradicting any stipulations previously introduced (we shall call this claim the identifiability thesis, following Schroeder-Heister (1987)). As far as we are aware, there is no consensus in the literature as to (i) the proper interpretation of the permutation (...) argument and the identifiability thesis, (ii) the validity of the permutation argument, and (iii) the truth of the identifiability thesis. In this paper, we undertake a detailed technical study of the two main lines of interpretation, and gather some evidence for favoring one interpretation over the other. (shrink)