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.

---

Definitions:

Vane Type Pump

A Vane Type Pump is a hydraulic pump in which slotted rotor vanes are used to move fluid through the pump, widely used for their reliability and efficiency in transferring fluids at variable flow rates.

Rotor

Any of a number of different components that rotate. In air brakes, the rotor turns with the wheel and has braking force applied to it, whereas in an alternator, the rotor provides the magnetic fields required to create current flow.

Cam Ring

An eccentric liner, usually stationary, within which mobile pump members rotate.

Non-Positive

Describes a connection or interaction where movement or slip is permitted between components, as opposed to a fixed, rigid connection.