If Taxpayer A transfers a mortgage of $1,200,000 associated with like-kind property as part of a Section 1031 exchange, and, in return, assumes a mortgage of $1,000,000 associated with like kind property received as part of a Section 1031 exchange, based on these facts alone, no taxable "boot" will occur.

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If Taxpayer A transfers a mortgage of $1,200,000 associated with like-kind property as part of a Section 1031 exchange, and, in return, assumes a mortgage of $1,000,000 associated with like kind property received as part of a Section 1031 exchange, based on these facts alone, no taxable &#34;boot&#34; will occur.

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