Boot

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Boot

Money or an asset added to a trade in order to make it reflect the fair market value of the assets being traded. A common example of a boot is a trade between a new car and an old car. The person trading the old car will usually add money or another asset to the deal in order to make it "even." The boot is often taxable even in an otherwise tax-free transaction.

boot

(1) Money or other property that is not like-kind and is given to make up the difference in value between two properties exchanged in a like-kind exchange under Section 1031 of the Internal Revenue Code.If a gain would otherwise be recognized on the transaction,except for the intervention of the 1031 vehicle,then gain must be recognized and taxes paid to the extent of the value of the boot. (2) Especially in Texas, it is common among property developers to require some type of boot to show that more than money is involved in their business transactions.

Example: A seller might agree to sell prime property for $12,000,000, but only if the buyer throws in a particularly handsome bronze statue sitting on his desk.

Boot

Cash or property of a type not included in the definition of qualifying property for purposes of structuring a nontaxable exchange. The receipt of boot will cause an otherwise tax-free transfer to become taxable to the extent of the lesser of the fair market value of the boot or the realized gain on the transfer. Examples of nontaxable exchanges that could be partially or completely taxable due to the receipt of boot include transfers to controlled corporations and like-kind exchanges.
References in periodicals archive ?
But within minutes of tweeting it on March 14, cancer patient Martin, 46, was booted off the social networking site.
The 29-year-old actress left the BBC One programme last night when the public were given a casting vote after fellow contestants were deadlocked in choosing who should be booted off the show.
Welsh singer Emma Paine, booted off TV's X Factor, broke down in tears - because she was so happy.
Jason has been sulking since his fellow "Jungle Cat" Victor was booted off the reality TV show last week.
A stay-away councillor is to be booted off Durham County Council after failing to go to a meeting in six months.
APPRENTICE reject Chris Harold yesterday said he deserved to be booted off the show but disputed he was this season's most hated hopeful.
Summary: Simon Cowell's girl band Belle Amie have been booted off the X Factor after losing a sing off with Katie Waissel.
Wife Gabby, who can waltz rings round Kenny, has been booted off the show.
Rob McVeigh, 23, from Rotherham, South Yorks, was booted off the hit BBC1 talent show as judge Andrew Lloyd Webber had the final vote.
An oddball wanting to start a swing festival and a singing waiter were booted off.
NASTY Simon Cowell was branded a "bad loser" last night after seeing Ashley McKenzie booted off X Factor by fellow judge Louis Walsh.