Amount realized
What does Amount realized mean in American Law?
The definition of Amount realized in the law of the United States, as defined by the lexicographer Arthur Leff in his legal dictionary is:
A term defined in § 1001(b) of the I.R.C. as (subject to some arcane qualifications) the money, plus the fair market value of any property, received upon the sale or other disposition of property. It is one of the quantities that must be determined in order to calculate realized gain or loss for tax purposes.
United States Tax Concept of Amount Realized
Amount Realized is sales proceeds plus mortgages assumed or taken subject to, less transaction expenses, such as commissions and legal costs. Amount Realized includes cash, the fair market value of property and services received, and debt assumed by the buyer.
Meaning of Amount Realized
In this law dictionary, the legal term amount realized is a kind of the Tax class.
Leave a Reply