Final answer:
The statement is true as the amount realized from a property sale includes all cash received as well as the fair market value of any other assets gained.
Step-by-step explanation:
The statement that "The amount realized from a sale or other disposition of property is the sum of any money received plus the fair market value of other property received" is generally true. When a property is sold, the amount realized includes both the cash received and the market value of any other property or services received in the transaction. This amount realized is important for determining gains or losses for tax purposes. For example, if Ben sold his house valued at $160,000 and in the transaction, he received $150,000 in cash and a car valued at $10,000, then his amount realized from the sale would be $160,000, which is the cash received plus the value of the car. In this sense, the total amount realized is crucial for calculating the potential capital gain or loss from the sale which is the difference between the amount realized and the adjusted basis of the property sold.