Amount of Gain
Under general U.S. tax principles applicable to FIRPTA, gain is equal to the excess of the amount of money or fair market value of property received over the amount of adjusted basis of the property exchanged. Where the amount received is subject to a contingency, the amount is not recognized until the contingency is resolved.
Read more about this topic: Foreign Investment In Real Property Tax Act
Famous quotes containing the words amount of, amount and/or gain:
“We know who is benevolent, by quite other means than the amount of subscriptions to soup-societies. It is only low merits that can be enumerated.”
—Ralph Waldo Emerson (1803–1882)
“[T]he asphaltum contains an exactly requisite amount of sulphides for production of rubber tires. This brown material also contains “ichthyol,” a medicinal preparation used externally, in Webster’s clarifying phrase, “as an alterant and discutient.””
—State of Utah, U.S. public relief program (1935-1943)
“The gain is not the having of children; it is the discovery of love and how to be loving.”
—Polly Berrien Berends (20th century)