When boot in the form of cash is given in a like-kind exchange, recognized gain is the greater of the boot or the realized gain.

Name: When boot in the form of cash is given in a like-kind exchange, recognized gain is the greater of the boot or the realized gain.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Recognized gain in a like-kind exchange when boot is received is the lesser of the realized gain or the amount of boot received, not the greater.

When Boot in the Form of Cash Is Given in a Like-Kind