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boot definition - legal

n

  1. In tax law, the extra money, unrelated or non-like-kind property, or assumption of liabilities included in an otherwise like-kind nontaxable exchange of property. The boot is subject to income tax.
  2. In commercial law, money or property given or received to balance or equalize an exchange property.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

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