Multiple Select Question

Select all that apply

Which of the following statements are correct when referring to boot?

Boot received will trigger the recognition of a loss in a like$-$kind exchange.

Boot refers to any property involved in the exchange that is not$-$like$-$kind property.

Cash is the only asset that qualifies as boot in a like$-$kind exchange.

If the buyer assumes a liability of the seller in an exchange, the amount of liability assumed is considered to be boot.