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 ?
But the Birmingham boss was booted off the show after his audition when Dannii refused to put him through.
DEAD Ringers star Jan Ravens hit a dead-end last night when she was booted off the BBC's Strictly Come Dancing.
NASTY Simon Cowell was branded a "bad loser" last night after seeing Ashley McKenzie booted off X Factor by fellow judge Louis Walsh.
Five brave souls from the crowd challenged him to an 8 Mile-style rap contest but were humiliated and booted off. The winner wasn't actually that bad and had the honour of helping Ice kick off his theme tune OG Original Gangster.
POP Idol favourite Andy Scott-Lee was booted off the show after a shock vote on Saturday.
As well as taking a bubble bath in front of shy Cameron, she joked with waiter Federico that the pair should have sex to avoid being booted off.
Despite being obliged by her contract to chat with the Oz media after being booted off the programme, the former Fade Street beauty decided to stay at home in bed.
HEATHER Mills shocked TV viewers by whipping out a written speech from her bra after being booted off Dancing With The Stars.
An oddball wanting to start a swing festival and a singing waiter were booted off.
THE Unconventionals were last night booted off X-Factor after Simon Cowell branded their singing "diabolical".
FUMING John Barrowman flew into a rage after being booted off Dancing on Ice last week.