Boot
Legal definition for Indian law research
Definition
boot
[obsolete or dialect boot compensation, from Old English bōt advantage, compensation]
: additional money or property received to make up the difference in an exchange of business or investment property that is of like kind but unequal in value NOTE: Under Internal Revenue Code section 1031, no tax liability results from an exchange solely of like-kind property used in a business or trade or held for investment. If the exchange includes boot, however, under section 1245 the boot will be treated as ordinary income.
Definitions are for legal research. Always verify meaning in the context of the statute, judgment, or jurisdiction cited.