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CCH Federal Taxation Basic Principles Chapter 11 Property Transactions: Nonrecognition of Gains and ... - page 41 / 66

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CCH Federal Taxation Basic Principles

41 of  66

Boot defined  

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.

Like-Kind Exchanges—

Tax Treatment for Gain or Loss

Chapter 11, Exhibit 12c

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