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 ?
And the Spaniard (left) also put the boot into managing director Christian Purslow as he rounded on club directors who "knew nothing about football".
RANGERS destroyed St Mirren's cup dream and then put the boot into the Hampden surface.
Celtic have put the boot into Tosh McKinlay's France 98 hopes by refusing to let him go on loan.
But the under-pressure Israeli (left) has refused to put the boot into owners David Gold and David Sullivan.
THESE bookies sure put the boot in yesterday as they re-created Thierry Henry's infamous handball.
AC Milan boss Carlo Ancelotti put the boot further into Celtic last night by insisting they weren't as good as Shakhtar Donetsk.
The puppet put the boot in during Thursday's episode.
MICHAEL CHOPRA put the boot into Newcastle after claiming his former club have been a 'mess' for years.
YES, we all know last week's Scottish elections were a total shambles, but it was a bit rich listening to STV's political reporters put the boot in on the Friday news.
BIG Jack put the boot into Eamon Dunphy yesterday labelling the TV pundit a know-it-all critic who should keep his mouth shut.
Judge Jacqueline Davies said: "While he was motionless on the ground you put the boot in.
PRINCE William put the boot into one of his servants during a Christmas football match.