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LSDefine

Simple English definitions for legal terms

boot

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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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JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
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omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
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yo splitterus are you in school already
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it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
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roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
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this child fell asleep on me
JumpySubsequentDolphin
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im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
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LMAOOOO
JumpySubsequentDolphin
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no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
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he has since moved
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@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
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i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
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people were getting excited :sob:
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then someone was like "what does jm stand for" and i was like .. well
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@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
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good morning! hoping waves will come our wave today
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GW wave today?
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