Which of these statements are true? please provide reasoning and irc citations

1In 351 transfer, a shareholder receives boot of $10,000 but ends up with a realized loss of

$3,000. Only $7,000 of the boot will be taxed to the shareholder.

2In 351 transfer, a shareholder who receives boot has a realized loss. None of the boot is taxed.

3In a 351 transfer, gain will be recognized to the extent of the greater of realized gain or the boot

received.