What kind of property qualifies for like kind exchange treatment? What kind of property does not qualify for like kind exchange treatment? What is boot? Jack exchanged a forklift used in his business with Joe for a different forklift. Jack's forklift had a $50,000 FMV and $30,000 basis along with $5,000 cash. Joe's basis in his forklift was $35,000. What gain/loss must Jack and Joe recognize