Richard owned a rental home with an $85,000 fair market value, a $70,000 adjusted basis, and a $60,000 mortgage. He initiates a like-kind exchange with Ramos. Ramos gives Richard $12,000 in cash plus a rental property with a $65,000 fair market value ($50,000 basis) and a $52,000 mortgage.
For this problem, just state who the boot receiver is and how much the boot is.