In a like-kind exchange:

1) gains and losses are always deferred until the property is sold.

2) gains are always recognized in the year of the transaction, but losses are always deferred.

3) gains and losses are recognized in the year of the transaction to the extent "boot" is received or given.

4) gains are recognized to the extent of any "boot" received; gains in excess of "boot" received, and all losses, are deferred.