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

a. If like-kind property is exchanged and money is paid, a taxable gain or deductible loss must be recognized by the payer of the cash.

b. If like-kind and unlike property are given up, a taxable gain or deductible loss must be recognized only on the unlike property given up.

c. The realized gain or loss in (a) (above) is recognized to the extent of the cash payment. The liability assumed does not limit the recognized gain.

d. The gain or loss in (b) (above) is equal to the difference between the fair market value of the like-kind property and that property's adjusted basis.