Choose the True Statement Regarding Like-Kind Exchanges

Choose the true statement regarding like-kind exchanges..

A) A taxpayer is not required to file any forms if there is no gain recognized in a like-kind exchange.
B) In a like-kind exchange,the holding period for the new asset starts when the exchange is completed.
C) Personal residences are a type of property which can be exchanged tax-free under the like-kind exchange rules.
D) Gain is recognized in the amount equal to the lesser of the gain realized or to the extent that "boot" was received.