单词 | boot |
释义 | boot n [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 ◇ 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. |
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