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:

Perished

Refers to goods or property that has been destroyed or has deteriorated to the point where it is no longer usable or valuable.

Lumber

Processed wood used for building and construction purposes.

Void

Describes a contract or legal agreement that has no legal force or effect, making it unenforceable from the outset.

Misrepresentation

The act of providing false, misleading, or incomplete information with the intention of deceiving.