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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.

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.
Copyright © 2008 H&R Block. All Rights Reserved. Reproduced with permission from H&R Block Glossary
References in periodicals archive ?
"Brian Clough once said that the only thing that is inevitable in football is getting the boot.
The Welsh loudmouth clapped as she heard she was getting the boot after she and Nicky had spent a day in shackles.
She said that she cannot stay another week in the house even if she is saved from getting the boot. She squealed to the others: "If Davina doesn't say my name, I'll be like, 'Nooooo, let me out!'"
An Executive source said: "When you put Finnie's bungles together he must be close to getting the boot. One more and he has to go."
As one wag put it: "Maybe they fancy one last ride in their ministerial Mondeos before getting the boot."
And yesterday Gail Turner was awarded pounds 8800 compensation after getting the boot from Grange House Nursing Home.
She had been convinced adoring viewers would hand her the crown and looked stunned to find she was getting the boot.
If Capital's pounds 87 million bid had succeeded, they'd have stuck with their own breakfast DJ, Chris Tarrant - with Evans getting the boot when his contract ran out next week.
But now they are getting the boot after killing two ducks who waddled too close to their newly-hatched cygnets in idyllic Alderton, Wilts.
Fellow contestants who Sir Alan fired from the Apprentice will be glad to see Michelle finally getting the boot.