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 ?
If he was a footballer and was performing this badly, he would be given the boot.
The Beckhams' former aide was given the boot last night after receiving fewer votes from viewers than the other five remaining women.
ASIM BUTT is set to be given the boot by Cricket Scotland chiefs over the seam bowler's drugs shame.
Why, if his philandering was so well-known, was he allowed to resign rather than be given the boot from politics.
His dysfunctional employees on the other hand can't wait to get the party started, but when they discover they're about to be given the boot by their miserable maste they set out to find a way to survive.
But Stella's brother James proved the whole family is not so blessed with style as he strode around in electric blue footwear that should have been given the boot.
Jade Ellis and rival band Union J were left in the bottom two with the former eventually given the boot by the judges.
Bolshy Bilyana was given the boot after a boardroom bashing.
But before he could be given the boot, Allan vacated the property on Chopwell Gardens, Wrekenton, and handed his keys back.
The two acts who were given the boot, Storm Lee and Diva Fever, were the only two acts left in the show who offered something different from the usual run-ofthe- mill contestants.
ALEX McLeish won't be given the boot once Carson Yeung assumes charge at Blues.
Summary: The people behind X Factor have denied Judge Dannii Minogue has been given the boot.