Boot

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Related to boots: cowboy boots

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 classic literature ?
He was dressed all in black, with boots as shiny as his eyes, a low white neckcloth, and a clean shirt with a frill to it.
Polly surveyed the dainty, shining boot with the scalloped top, the jaunty heel, and the delicate toe, thought her foot did look very well in it, and after a little pause, said she would have them.
Setting aside the whole grim story of Sir Charles's death, we had a line of inexplicable incidents all within the limits of two days, which included the receipt of the printed letter, the black-bearded spy in the hansom, the loss of the new brown boot, the loss of the old black boot, and now the return of the new brown boot.
BIKER CHIC TO GIRL POWER ROCK chick Wendy James of punk pop band Transvision Vamp made motorbike boots look cool in 1991, but by the middle of the decade the all-conquering Spice Girls helped give platform boots another moment in the spotlight.
Replacing a pair of winter boots can be pricey, bot now that we are well into January, many brands and retailers are offering sales on winter wear and accessories.
The Army had already been testing commercial jungle boots at the time--with mixed results--but didn't have a specialized jungle boot, so Program Executive Officer (PEO) Soldier, headquartered at Fort Belvoir, VA, had to get a plan together to make it happen.
And I start to think about ways to better safeguard their feet when we're out in harsh winter conditions, realizing it was time to do some research on boots.
com)-- Fashion Boots is an established online shop, that celebrates its 10th birthday.
India, July 21 -- Android Nougat will check for malware when it boots up on a device.
After a decade or so of wearing boots about every single day of my life whether my everyday cowboy boots, multiple pairs of rubber boots that take me to the woods for cutting timbers or chasing whitetail deer, still other rubber pairs I use to stomp through chicken and livestock manure, or finally my trusty pair of older, heavier lace-up hunting boots.
Tenders are invited for Lot 1 - chrome boots with high ankle boots warmed; Lot 2 - ankle boots chrome, insulated; Lot 3 - Oxford chrome black; Lot 4 - chrome boots with high ankle boots (15.