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:
“Nations are possessed with an insane ambition to perpetuate the memory of themselves by the amount of hammered stone they leave. What if equal pains were taken to smooth and polish their manners?”
—Henry David Thoreau (1817–1862)
“There are a thousand hacking at the branches of evil to one who is striking at the root, and it may be that he who bestows the largest amount of time and money on the needy is doing the most by his mode of life to produce that misery which he strives in vain to relieve.”
—Henry David Thoreau (1817–1862)
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And gain get back its houses and peoples watching it bring up
Its local lights single homes lamps on barn roofs”
—James Dickey (b. 1923)