Certified Exchange Specialist (CES)

Which of the following is the clearest example of 'cash boot' in a 1031 exchange?

Assuming a larger mortgage on the replacement property Receiving non-like-kind personal property at closing Receiving cash proceeds that are disbursed to the taxpayer rather than reinvested Paying qualified intermediary fees from exchange proceeds

Correct Answer:

Receiving cash proceeds that are disbursed to the taxpayer rather than reinvested

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