The term 'BOOT' has distinct meanings in both computing and taxation. In computing, it refers to the process of starting a computer. In taxation, it refers to additional property or money included to balance the values in a tax-deferred exchange.
Mortgage relief refers to the reduction or elimination of mortgage debt on a property, frequently through the assumption of mortgage by another party or debt retirement. In specific transactions like tax-free exchanges, mortgage relief can trigger taxable gains.
