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In a like-kind exchange, gains are: 1) recognized in the year of the transaction. 2) deferred only if all parties to the transaction qualify for

In a like-kind exchange, gains are:

1)

recognized in the year of the transaction.

2)

deferred only if all parties to the transaction qualify for like kind exchange treatment.

3)

deferred only if neither party has a loss on the transaction.

4)

recognized to the extent of any "boot" received; the remainder is deferred.

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