All of the following are true except A. O B. 0 C, the holding period of like-kind property received includes the holding period of the property exchanged. nonrecognition of gains and losses is mandatory if the exchange is a like-kind exchange. a loss may be recognized on non-like-kind property (boot) if the taxpayer transfers the boot in an otherwise like-kind exchange O D. a nonsimultaneous exchange may never qualify as a like-kind exchange