Which of the Following Is Not True of Boot in a Like-Kind

question 13

Multiple Choice

Which of the following is not true of boot in a like-kind exchange?

• A)Liabilities discharged in a like-kind exchange are considered boot received.
• B)Boot received (other than liabilities) can be offset by net liabilities incurred.
• C)The receipt of boot does not cause the recognition of any realized losses in a like-kind exchange.
• D)The payment of boot may be offset against liabilities discharged.

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