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Proceeds

Definition of Proceeds

Proceeds received for an asset is generally the amount, whether in money or some other form, that the taxpayer received, or is owed, on disposal of the asset.

Assets disposed of by donation, or in exchange for something which is not measurable in money, or to a connected person at a non-arm’s-length price, are treated as being disposed of for an amount received or accrued equal to the market value of the asset.