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Can the taxpayer take any cash from the relinquished property sale (Boot)?

April 26, 2017boot cash Property relinquished sale taxpayer

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Can the taxpayer take any cash from the relinquished property sale (Boot)?

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Cash received directly by the taxpayer will be considered boot and taxed as capital gains by the IRS. The taxpayer can receive funds at the closing on the relinquished property but tax will be assessed on these funds by the IRS.