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 ?
Showcased under DJO Global's Aircast brand, the market leader in walking boots for more than three decades, AirSelect incorporates patented technological advancements that speed the healing of stable fractures of the lower leg, foot and ankle and severe ankle sprains, reduce edema and enhance patient comfort.
Anyone with unwanted walking boots and shoes can drop them into Escape 2 shop.
Drew, who was hurt in the first quarter Saturday, was wearing a walking boot on his right ankle Monday and had precautionary X-rays.
Odds and ends: Bruins offensive coordinator Tom Cable, who suffered a partial tear of his calf muscle celebrating a touchdown against Illinois, was fitted with a walking boot.
UCLA record-setting defensive end Dave Ball had his left ankle immobilized in a walking boot after suffering a freak injury during conditioning drills last weekend, and he is unlikely to resume practicing until the Bruins travel to San Jose.
Leisle, Ware out: UCLA cornerback Matt Ware wasn't wearing his walking boot but said he won't play against Stanford this weekend.
Ware, Leisle remain doubtful: If all things go well, injured Bruins cornerback Matt Mare could shed his walking boot and do some light jogging today at practice, but his status, as well as that of defensive tackle Rodney Leisle, remains doubtful for the Cardinal.
Tab Perry, who suffered a sprained ankle, is questionable, and Jon Dubravac was in a walking boot with two broken toes.
In a matter of weeks, he went from a cast to crutches to a walking boot, and stunned teammates and coaches by returning to the team by Oct.
COLLEAGUES at a tissue making factory swapped safety boots for walking boots to take on the Three Peaks Challenge for charity.
She was last seen wearing a purple hooded fleece top, baggy black and white trousers similar to pyjamas and brown walking boots.
99 GIRL Oscar Bright Pink Kids' Walking Boots, |mountainwarehouse.