Which of the following statements is false? The giving of boot in a like-kind exchange does not trigger recognition if the boot consists solely of cash. The basis of boot received in a like-kind exchange is the boot's fair market value. If there is a deferred gain from a like-kind exchange, the basis of like-kind property received is calculated by adding deferred gain to the fair market value of like-kind property received. O When like-kind property is exchanged solely for like-kind exchange, no gain or loss is recognized on the exchange