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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“Perhaps the best definition of progress would be the continuing efforts of men and women to narrow the gap between the convenience of the powers that be and the unwritten charter.”
—Nadine Gordimer (b. 1923)