Constructive Receipt occurs in an exchange when the taxpayer has the unrestricted right to access cash or boot, whether or not such right is exercised, and regardless of whether there is actual or physical receipt of the cash or boot. Any cash or boot received by the exchangor will cause recognition of gain (i.e., taxable income). This often happens when taxpayers erroneously believe that having the title company simply hold funds pending a repurchase will satisfy the regulations.