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LSDefine

Simple English definitions for legal terms

boot

Read a random definition: inheritance

A quick definition of boot:

Boot: Something extra that is given in addition to something else. In the context of property exchange, boot refers to money or property that is added to make up for the difference in value between two properties being traded. For example, if someone sells a property for more than they buy a replacement property, the difference is called boot and may be subject to taxes.

A more thorough explanation:

Definition: Boot refers to something that is given in addition to. In the context of like-kind property under Internal Revenue Code Section 1031, it refers to cash or other property which does not qualify for the exchange and is taxed.

For example, if a taxpayer sells a relinquished property for $150,000 and buys a replacement property for $120,000, the difference of $30,000 is referred to as boot and is taxable. This means that the taxpayer will have to pay taxes on the $30,000 difference because it is not considered like-kind property.

Another example of boot is when a person trades in their old car for a new one. If the value of the old car is $5,000 and the new car is $10,000, the person may have to pay taxes on the $5,000 difference because it is considered boot.

These examples illustrate how boot is something that is given in addition to and is not considered like-kind property. This means that it is taxable and the person will have to pay taxes on the difference in value.

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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