CCH Federal Taxation Basic Principles
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Boot is cash or other property received or given in a Code Sec. 1031 exchange that is not “like-kind.” For example, if land is exchanged for land, and a truck is included in the exchange, the truck is boot. Conversely, if a truck is exchanged for a truck, and land is included in the exchange, the land is boot. Cash is always boot.
Tax Treatment for Gain or Loss
Chapter 11, Exhibit 12c