Proceeds received for an asset is generally the amount, whether in money or some other form, that the taxpayer received.
the proceeds from the disposal of an asset by a person are equal to the amount received by or accrued to, or which is treated as having been received by, or accrued to or in favour of, that person in respect of that disposal, and includes -
the amount by which any debt owed by that person has been reduced or discharged; and
any amount received by or accrued to a lessee from the lessor of property for improvements effected to that property.
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