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BOOT

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

In a like kind exchange of property (Internal Revenue Code Sec. 1031), this refers any property or money value which does not quality. Selling a property for $150,000 resulting in a $50,000 gain in exchange for another property purchased for $130,000 results in $20,000 of boot or taxable gain.

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