Amount Realized - Statutory Definition

Statutory Definition

Section 1001(b) of the Internal Revenue Code defines the amount realized as "the sum of any money received plus the fair market value of the property (other than money) received." Generally, this translates to the value of what the taxpayer receives in the exchange.

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Famous quotes containing the word definition:

    “I’m beginning to think that the proper definition of “Man” is “an animal that writes letters.””
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