Filed June 16, 2017
To offer just one example from another complex statutory regime, the Internal Revenue Code prescribes a clear formula for calculating the proceeds, or “amount realized,” from a sale of property: the amount realized is “the sum of any money received plus the fair market value of the property (other than money) received.” 26 U.S.C. § 1001(b). But regulations and administrative and judicial interpretations specify additional adjustments to the calculation.