total contract price

total contract price
The entire amount paid, or agreed to be paid, by the purchaser. The amount of a mortgage assumed by a purchaser of realty on an instalment sale must be excluded from the basis used for determining the proportion of the gain which is taxable in a given year. Burnet v S. & L. Bldg. Corp. 288 US 406, 77 L Ed 861, 53 S Ct 428.

Ballentine's law dictionary. . 1998.

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