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

question 192

Multiple Choice

If boot is received in a § 1031 like-kind exchange and gain is recognized, which formula correctly calculates the basis for the like-kind property received?

• A) Adjusted basis of like-kind property surrendered + gain recognized - fair market value of boot received.
• B) Fair market value of like-kind property surrendered + gain recognized + fair market value of boot received.
• C) Fair market value of like-kind property received - postponed gain.
• D) Only a. and c.
• E) None of the above.

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