8. Which of the following statements is not true? a. Gains and losses on nontaxable exchanges are deferred because the tax law recognizes that nontaxable exchanges result in a change in the form but not the substance of the taxpayers' relative economic position. b. The exchange of unimproved real property for improved real property qualifies as a like-kind exchange. C. In an involuntary conversion, the basis of replacement property is its cost reduced by the gain deferred. d. If an exchange qualifies as a like-kind exchange, nonrecognition of gain or loss is elective. e. None of the answers provided is correct