Which of the following statements is true?

A. If boot is received in a like-kind exchange, the recognized gain cannot exceed the realized gain.

B. When boot is given in a like-kind exchange, recognized gain is the greater of the boot or the realized gain.

C. To qualify as a like-kind exchange, real property must be exchanged either for other real property or for personal property.

D. Realized gain and recognized gain are the same and can be used interchangeably.

E. Kate exchanges land held as an investment for a investment building owned by Clark. This exchange is not qualified as like-kind exchange because they exchange developed real property with non-developed real property.