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 ?
Wilfred Bouma also refused to put the boot into Rangers.
AFTER the magnificent efforts of 18-year-old Scot Andrew Murray at the Stella Artois Championship last week, I was surprised that some tennis pundits decided to put the boot into our US Open Boys champion.
But Ellis stepped up when required to put the boot into the Rhinos.
To add insult to injury, he proclaimed he was going to put the boot into the banks - more like a very soft slipper.
Big Goran simply refuses to put the boot in now and it's no coincidence his conversion has signalled the champs' failure to make it out of the Champions League qualifiers and their slump to fifth in the league.
The 55-year-old former England striker - who got the award after scoring 24 goals for Bolton Wanderers - has put the boot on internet auction site eBay with a starting price of pounds 15,500.
ARSENAL's treble bid was ruined by Paul Scholes - and then Fergie put the boot in too
AMERICA'S football stars have put the boot into England ahead of their World Cup clash in a scathing music video.
The puppet put the boot in during Thursday's episode.
Big Goran simply refuses to put the boot in now and it's no coincidence his conversion has signalled the champions failure to make it out of the Champions League qualifiers and their slump to fifth in the league.
BITTER Fed put the boot into pretty Tania, describing her as "repulsive, fake and plastic".
NEIL JENKINS put the boot into his old team-mates to kick more dust on their championship hopes.