Final answer:
The statement about Jared's recognized gain or loss would be true if the kiln exchange is a like-kind exchange that adheres to the rules of Section 1031 of the IRS Code. However, without confirmation that the exchange satisfies the like-kind requirement, it's not possible to determine the accuracy of the statement.
Step-by-step explanation:
The question relates to the exchange of business property and the recognition of gains or losses in such transactions. If Jared exchanges an old kiln with an adjusted basis of $5,000 for a new kiln worth $30,000, and if he recognizes no gain or loss (recognized gain or loss is $0), the statement would be True if the exchange qualifies as a like-kind exchange under IRS rules. Under Section 1031 of the Internal Revenue Code, the exchange of business or investment properties for properties of a like-kind does not result in the immediate recognition of gain or loss, as long as the exchange strictly adheres to the rules. However, the information provided does not state whether the exchanged kilns qualify as like-kind, which is necessary for deferring the gain. Therefore, without further details on the specifics of the exchange, we cannot definitely confirm the truthfulness of the statement.