Which of the following statements is true?

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

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

C. 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.

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

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