All of the following are true except:
◦ A nonsimultaneous exchange may never qualify as a like-kind exchange.
◦ Nonrecognition of gains and losses is mandatory if the exchange is a like-kind exchange.
◦ A loss may be recognized on non-like-kind property (boot) if the taxpayer transfers the boot in an otherwise like-kind exchange.
◦ The holding period of like-kind property received includes the holding period of the property exchanged.
