I wonder about this: thank you in advance for your help.

In 'like kind' transactions, line 15 of FORM 8824 requires one to figure the "FV of net boot received". I believe that that formula is as follows:

net cash received + FV of UNlike kind received + net debt relief.

My pressing question is this: I already know that the 'FV of net boot received' cannot be <0. But can the 'net debt relief' be <0 if the FINAL equation 'FV of net boot received' is satisfied with the requirement of being more than zero?

Hypothetical situation:

net cash received = 100
FV of UNlike kind received = 150
debt assumed = 125 but debt relief is 80. Here, is 'net debt relief' -45 or zero?

Thus, the final question is this: Is "FV of net boot received" 250 or 205?

Do BOTH 'FV of net boot received" AND 'net debt relief' have to be zero or greater OR is it required that ONLY "FV of net boot received" be >0, thus allowing for purpose of this situation, that 'net debt relief' can be under zero? - David age 66