There are five partners in Realco Partnership, each of whom has an equal share in items of income, loss, gain, deduction, and credit. In the current year, a tract of land owned by Realco and held as an investment is sold by the partnership at a significant gain. Some of the partners want to defer taxation of their portion of the gain by utilizing a deferred like kind exchange. Each partner can individually elect whether to apply the like kind exchange rules to their share of the gain. . True or False