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LSDefine

Simple English definitions for legal terms

amount realized

Read a random definition: justitia denegata

A quick definition of amount realized:

Amount realized: The amount of money or other things a person gets when they sell or exchange something they own. This can include cash, property, services, or debts that the buyer takes on. It's important for taxes because it helps determine if the person made a profit (gain) or a loss on the sale or exchange.

A more thorough explanation:

Definition: The amount received by a taxpayer for selling or exchanging an asset, which can include cash, property, services received, or debts assumed by a buyer. This is different from gain or loss.

Example 1: If you sell your car for $10,000, the amount realized is $10,000.

Example 2: If you exchange your car for a new one and receive $5,000 in addition to the new car, the amount realized is the value of the new car plus the $5,000.

Explanation: Amount realized is the total amount received by the taxpayer for selling or exchanging an asset. It includes all forms of payment, such as cash, property, services, or debts assumed by the buyer. This is important for tax purposes because it determines the taxpayer's gain or loss on the sale or exchange of the asset.

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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