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Basis
BASISThe minimum, fundamental constituents, foundation, or support of a thing or a system without which the thing or system would cease to exist. In accounting, the value assigned to an asset that is sold or transferred so that it can be determined whether a gain or loss has resulted from the transaction. The amount that property is estimated to be worth at the time it is purchased, acquired, and received for tax purposes. In a simple case, the basis of property for tax purposes under the internal revenue code is the purchase price of a piece of property. For example, if a taxpayer purchases a parcel of land for $500,000, and no deductions apply to that parcel of land, the taxpayer's basis is $500,000. If the taxpayer later sells the property for $550,000, the amount of gain realized by the transaction is the sale price ($550,000) less the adjusted basis ($500,000), or $50,000. Where a taxpayer is allowed to depreciate property with a limited useful life, such as an automobile used primarily for business purposes, the taxpayer's adjusted basis is reduced. Assume a taxpayer purchases an automobile for $30,000, and then claims deductions for $5,000. The adjusted basis of the automobile is then reduced to $25,000. When the taxpayer sells the automobile for $26,000, the amount of gain realized is $1,000 (the sale price of $26,000 minus the adjusted basis of $25,000). further readingsBankman, Joseph et al. 2002. Federal Income Tax: Examples and Explanations. New York: Aspen Law & Business. Hudson, David M., and Stephen A. Lind. 2002. Federal Income Taxation. St. Paul, Minn.: West. cross-references |
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Cite this article
"Basis." West's Encyclopedia of American Law. 2005. Encyclopedia.com. 31 May. 2012 <http://www.encyclopedia.com>. "Basis." West's Encyclopedia of American Law. 2005. Encyclopedia.com. (May 31, 2012). http://www.encyclopedia.com/doc/1G2-3437700474.html "Basis." West's Encyclopedia of American Law. 2005. Retrieved May 31, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1G2-3437700474.html |
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basis
ba·sis / ˈbāsis/ • n. (pl. -ses / -sēz/ ) the underlying support or foundation for an idea, argument, or process: trust is the only basis for a good working relationship. ∎ the system or principles according to which an activity or process is carried on: she needed coaching on a regular basis. ∎ the justification for or reasoning behind something: on the basis of these statistics, important decisions are made. |
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Cite this article
"basis." The Oxford Pocket Dictionary of Current English. 2009. Encyclopedia.com. 31 May. 2012 <http://www.encyclopedia.com>. "basis." The Oxford Pocket Dictionary of Current English. 2009. Encyclopedia.com. (May 31, 2012). http://www.encyclopedia.com/doc/1O999-basis.html "basis." The Oxford Pocket Dictionary of Current English. 2009. Retrieved May 31, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O999-basis.html |
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basis
basis XIV. — L. — Gr. básis step, pedestal, rel. to COME.
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Cite this article
T. F. HOAD. "basis." The Concise Oxford Dictionary of English Etymology. 1996. Encyclopedia.com. 31 May. 2012 <http://www.encyclopedia.com>. T. F. HOAD. "basis." The Concise Oxford Dictionary of English Etymology. 1996. Encyclopedia.com. (May 31, 2012). http://www.encyclopedia.com/doc/1O27-basis.html T. F. HOAD. "basis." The Concise Oxford Dictionary of English Etymology. 1996. Retrieved May 31, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O27-basis.html |
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basis
basis
•glacis, Onassis
•abscess
•anaphylaxis, axis, praxis, taxis
•Chalcis • Jancis • synapsis • catharsis
•Frances, Francis
•thesis • Alexis • amanuensis
•prolepsis, sepsis, syllepsis
•basis, oasis, stasis
•amniocentesis, anamnesis, ascesis, catechesis, exegesis, mimesis, prosthesis, psychokinesis, telekinesis
•ellipsis, paralipsis
•Lachesis
•analysis, catalysis, dialysis, paralysis, psychoanalysis
•electrolysis • nemesis
•genesis, parthenogenesis, pathogenesis
•diaeresis (US dieresis) • metathesis
•parenthesis
•photosynthesis, synthesis
•hypothesis, prothesis
•crisis, Isis
•proboscis • synopsis
•apotheosis, chlorosis, cirrhosis, diagnosis, halitosis, hypnosis, kenosis, meiosis, metempsychosis, misdiagnosis, mononucleosis, myxomatosis, necrosis, neurosis, osmosis, osteoporosis, prognosis, psittacosis, psychosis, sclerosis, symbiosis, thrombosis, toxoplasmosis, trichinosis, tuberculosis
•archdiocese, diocese, elephantiasis, psoriasis
•anabasis • apodosis
•emphasis, underemphasis
•anamorphosis, metamorphosis
•periphrasis • entasis • protasis
•hypostasis, iconostasis
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Cite this article
"basis." Oxford Dictionary of Rhymes. 2007. Encyclopedia.com. 31 May. 2012 <http://www.encyclopedia.com>. "basis." Oxford Dictionary of Rhymes. 2007. Encyclopedia.com. (May 31, 2012). http://www.encyclopedia.com/doc/1O233-basis.html "basis." Oxford Dictionary of Rhymes. 2007. Retrieved May 31, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O233-basis.html |
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