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Boot
In an exchange of real property, boot is any consideration received by the Exchangor other than real property. There are 2 kinds of boot:
1. Cash Boot: Cash boot is cash or anything else of value received by the Exchangor as a result of the exchange
2. Mortgage boot: Mortgage boot is any relief from debt the Exchangor received as a result of the exchange. If the Exchangor receives boot in any form, he or she will be taxed on the amount of boot received.
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