Boot
Also called: taxable boot · non-like-kind property
Common exchange-industry shorthand for money or non-like-kind property received in an exchange that can trigger recognized gain.
What it means in practice.
The IRS generally describes the concept as receiving money or other property in addition to like-kind property. Gain may have to be recognized to the extent of that money or other property, subject to the applicable tax rules.
Why it matters.
“Boot” is widely used professional slang, even though IRS explanations often use the more literal “money or other property.”
Additional notes.
The IRS generally describes the concept as receiving money or other property in addition to like-kind property. Gain may have to be recognized to the extent of that money or other property, subject to the applicable tax rules.
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