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 ?
Hotter's weatherproof collection of comfortable walking shoes and walking boots are perfect for walking, strolling, wandering up hill and down dale keeping your feet comfortable in warm (or cool) dry comfort, protected from the elements and at the right temperature.
DON'T forget to get your walking boots ready and picnic supplies in for Marie Curie's 10k evening fundraising walk, Walk Ten, which takes place at the Shugborough Estate on Saturday, July 19.
A TEAM of businesspeople donned waterproofs and walking boots for a 10-mile walk in aid of The Myton Hospices.
PEOPLE are being asked to don their walking boots in aid of dementia.
STAFF from retail and consumer finance company, Buy As You View, donned their walking boots and trekking poles for a gruelling 24-hour hike up three of the UK's highest mountains raising money for children with cerebral palsy.
EMPLOYEES from the Imperial Hotel in Llandudno raised more than pounds 500 for Ty Gobaith's Corporate Challenge when they donned their walking boots for a sponsored walk up Snowdon.
A FATHER-of-three is lacing up his walking boots to raise cash for the counselling service which helped him cope with the death of his baby boy.
More than 1,000 women don trainers or walking boots for a five-kilometre run, walk or jog around Birmingham's Cannon Hill Park last night.
Get on your walking boots for the next outing of Paisley Hillwalking Club.
When last seen, 6ft 3in Torsten was wearing a white top, khaki trousers and walking boots. He is of medium build with light brown hair.
For the last few years I've moved up to a seven and I even bought size eight walking boots the other year.
Harry Climie is heading for the hills after I got him a new pair of walking boots.