If Boot Is Received in a § 1031 Like-Kind Exchange

question 61

True/False

If boot is received in a § 1031 like-kind exchange, the recognized gain cannot exceed the realized gain.

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Definitions:

First-in-time Rule

A principle that establishes priority in various legal contexts, generally indicating that the first in time in taking certain actions has superior rights.

Quality Auto Sales

A business that specializes in the sale of high-quality automobiles, focusing on customer satisfaction and vehicle reliability.

Transfer Right

The legal ability to transfer an ownership interest or right from one party to another.

Assignment of Rights

The transfer of rights, title, and interest from one party to another, often in a contract or agreement.