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 ?
included in the must-pass budget resolution a provision requiring the DOT to follow the existing 34-hour restart HOS rule for truck drivers "to ensure continuity in federal rest regulations" affecting the nation's long-haul truck drivers.
Without a 34-hour restart, truckers would revert to the "rolling recap" in place before 2003.
The CDU operations will facilitate the restart of the 35,000-bpd hydrocracker, which was shut due to its proximity to the fire but was undamaged, as well as provide more feedstocks, mainly heavy kerosene, for Shell's ethylene cracker.
Alcoa said that the restarts are being implemented due to anticipated growth in aluminium demand as well as to meet obligations outlined in power agreements with energy providers.
To restart, you must move the transmission to neutral, restart the car, and then place the car in gear to get moving.
His last surge came on a restart with five laps to go, when he was running second to Martin.
Finnish paper products company Stora Enso Oyj said on Wednesday (22 March) that it had decided to restart operations at Veitsiluoto Sawmill in Northern Finland in spring 2006.
Before seeing good results, another fad comes out, and they restart the cycle.
The 40 patients voluntarily suspended highly active antiretroviral therapy (HAART), and 8 later had to restart HAART because of a severe event, reported Benjamin Jacobs of the University of Washington, Seattle.
Luxury is the lead word, for as we restart and recover, the pent-up longing for luxury is resurfacing and being satisfied.
Windows will then run through a ``hot'' restart, without having to shut down the whole computer and go through the memory check etc at start up.
Most thermal processes during coreless furnace operation can be classified as sintering, cold restart or normal melting processes.