Which of the following statements regarding the like-kind exchange rules is true?

a. Personal-use assets are eligible for gain deferral under the like-kind exchange rules.

b. A taxpayer can elect whether or not to defer gain (or loss) if his transaction meets all the requirements of a like-kind exchange.

c. The taxpayers basis in boot property received is always its fair market value.

d. If boot property is included in the exchange, then no deferral of gain or loss is allowed.

Thank you!