Black’s Law Dictionary defines an “emolument” as an “advantage, profit, or gain received as a result of one’s employment or one’s holding of office.” There is significant debate as to precisely what constitutes an emolument within the meaning of the Foreign and Domestic Emoluments Clauses, particularly as to whether it
includes private, arm’s-length market transactions. The only two courts to decide this issue adopted a broad definition of “Emolument” as reaching any benefit, gain, or advantage,
including profits from private market transactions not arising from an office or employ, although one of those decisions was vacated on appeal on other grounds.