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 ?
Getting The Boot will also be shown at the church hall tonight at 7.
The betting had suggested Jack Tweed would be voted off the show, yet instead of Jade Goody's boyfriend getting the boot it was her mother who went.
It will reveal how, despite being hugely popular, he was insecure about getting the boot from RTE.
The international superstars are in danger of getting the boot from the British arts organization because they ``send out the wrong message'' and are ``too middle-aged'' to remain patron-presidents, The New York Post reports.
After writing the busty brunette off, bookies yesterday revised their odds on her getting the boot tonight.
X Factor twins John and Edward have thrown their support behind fellow contestant Stacey, after getting the boot from the show last weekend.
Then, on The X Factor on Saturday night, we had the very talented Laura getting the boot from the show.
resigned to take charge of Stock-port, and ex-Millwall coach Mark McGhee is favourite to succeed him after getting the boot from the New Den yesterday morning.
Super Saturday" was such a snooze-athon that Judgement Day lasted just two episodes before getting the boot.
SONIA is heading home for a tour of Butlins holiday camps after getting the boot from ITV1's Reborn In The USA last night.
Getting the boot from St Mirren was the BEST thing that could ever have happened to David Winnie.
Reality show rejects Girlband tell us about getting the boot from the show.