Which of the Following Statements Is Not True with Regard

Which of the following statements is not true with regard to like- kind exchanges?

A) Nonrecognition of gains and losses is mandatory if the exchange is a like- kind exchange.
B) The holding period of like- kind property received includes the holding period of the property exchanged.
C) The basis of property received in an exchange is equal to the basis of the property exchanged less the boot received plus the gain recognized and less any loss recognized.
D) A loss is always recognized if the taxpayer transfers non- like- kind personal- use property (e.g., a personal- use car) in an otherwise like- kind exchange.