Where Non-Like-Kind Property Other Than Cash Is Received as Boot,the
Where non-like-kind property other than cash is received as boot,the amount of the boot is the property's fair market value.
If each party in a like-kind exchange assumes a liability of the other party,only the net liability given or received is boot.
The basis of non-like-kind property received is the basis in the hands of the transferor at the date of the exchange.
If related taxpayers exchange property qualifying for a like-kind exchange,the properties must be retained for three years after the exchange to prevent recognition of gain resulting from the original exchange on a subsequent disposition of the property.