The tax basis of property acquired in a like-kind exchange must be allocated between land and improvements: a. in the same ratio as used by the previous owner. b. in a ratio that reflects relative market values of land and improvements at the time of the exchange. c. in the same ratio as used for the property tendered in the exchange. d. as specified in the exchange agreement. 8. In a like-kind exchange, gains are: a. recognized in the year of the transaction. b. deferred only if all parties to the transaction qualify for like kind exchange treatment. c. deferred only if neither party has a loss on the transaction. d. recognized to the extent of any "boot" received; the remainder is deferred.