What is Amount Realized?

Legal Definition
Amount realized, in US federal income tax law, is defined by section 1001(b) of Internal Revenue Code. It is one of two variables in the formula used to compute gains and losses to determine gross income for income tax purposes. The excess of the amount realized over the adjusted basis is the amount of realized gain (if positive) or realized loss (if negative).

Computation of gain and loss is governed by section 1001(a) of the Code.
-- Wikipedia
Legal Definition
The actual amount a good or service is sold for. Or a fair market value that an exchange costs. It is used for tax purposes.