Final answer:
The statement claiming that cash or other assets received in an exchange are referred to as "boot" is false. 'Boot' only refers to extra value added to balance out an exchange during a barter or similar transaction.
Step-by-step explanation:
Cash or other assets received in an exchange are not referred to as "boot." The statement is false. "Boot" in the context of finance and accounting, particularly in tax law, refers to additional value that is added to a transaction to make it more equitable. For example, if two parties are engaged in a barter transaction where one party's item is of lesser value, they might add cash to the transaction, which is considered "boot," to even out the value. It's essential to distinguish between regular cash or asset transactions and the specific scenario where "boot" is involved.