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 ?
In a close vote, blue-eyed soul singer Elliott Yamin was booted off Fox- TV's wildly popular singing contest, leaving McPhee and gray-haired Taylor Hicks to face off in the finals next week.
The event, which will take place from September 17-19, was under threat of being downgraded or booted off the calendar after complaints of `intimidatory' tactics by the South Wales Police and the large number of speeding fines imposed on competitors -including Colin McRae -in 2002.
The five singers will belt out big band and swing numbers in tonight's show, with Hayley 2-5 to be booted off.
ONE of the youngest Apprentice hopefuls was booted off the show last night with boss Bill Cullen blasting: "We're not running a creche.
An oddball wanting to start a swing festival and a singing waiter were booted off.
Footballers Wives actress Phina Oruche is the rank outsider at 66-1 and favourite, at 2-1, to be the first booted off the show.
DEAD Ringers star Jan Ravens hit a dead-end last night when she was booted off the BBC's Strictly Come Dancing.
About time: In a surprise vote, "American Idol" judge Simon Cowell was booted off the hit show.
FUMING John Barrowman flew into a rage after being booted off Dancing on Ice last week.
POP Idol favourite Andy Scott-Lee was booted off the show after a shock vote on Saturday.
Shirlena, who was booted off X Factor last year because of her "fragile" state, admitted to the Mirror yesterday: "They didn't ask me about any medical documents at all.