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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“The man who knows governments most completely is he who troubles himself least about a definition which shall give their essence. Enjoying an intimate acquaintance with all their particularities in turn, he would naturally regard an abstract conception in which these were unified as a thing more misleading than enlightening.”
—William James (1842–1910)
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