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 ?
ALAN CURBISHLEY last night put the boot into Newcastle's Steven Taylor - after revealing that Freddie Ljungberg is "touch and go" for Euro 2008.
Using a phrase like "put the boot in" made me squirm, and a politician describing service personnel of any rank as cowards is quite incredible.
Celtic have put the boot into Tosh McKinlay's France 98 hopes by refusing to let him go on loan.
But after the stunning late transformation that saw Grant's men go home trailing the Turkish champions 2-1, Kezman was the first to put the boot in.
AC Milan boss Carlo Ancelotti put the boot further into Celtic last night by insisting they weren't as good as Shakhtar Donetsk.
He looked relaxed despite the sell-out crowd as he described how he "put the boot in" after seeing a policeman attacked at the terminal.
Blackpool striker Andy Morrell headed against the bar in the 90th minute before veteran Dion Dublin really put the boot in with a breakaway third in injury time.
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.
GUUS HIDDINK put the boot in on Steve McClaren once more last night by admitting: "Knocking England out of Euro 2008 would be one of my greatest achievements."
PUNTERS are backing Celtic legend Henrik Larsson to put the boot into England.
"I would like stilts for when I go racing at Ascot." Put the boot in why don'tcha.