basis

Fundamental principle; groundwork; support; the foundation or groundwork of anything; that upon which anything may rest or the principal component parts of a thing.
Accounting.
Term used in accounting, especially in tax accounting, to describe the value assigned to an asset for the purpose of determining gain (or loss) on the sale or transfer or in determining value in the hands of a donee. Acquisition cost, or some substitute therefor, of an asset used in computing gain or loss on disposition or retirement. The amount assigned to an asset for income tax purposes. For assets acquired by purchase, the basis would be cost [I.R.C. No. 1012]. Special rules govern the basis of property received by virtue of another's death [I.R.C. No. 1014] or by gift [No. 1015], the basis of stock received on a transfer of property to a controlled corporation [No. 358], the basis of the property transferred to the corporation [No. 362], and the basis of property received upon the liquidation of a corporation [No.No. 334 and 338].
@ adjusted basis
The cost of property acquired, increased for any capital improvements and decreased by the amount of depreciation allowed or allowable. I.R.C. No. 1011.
+ adjusted basis
The cost or other basis of property reduced by depreciation allowed or allowable and increased by capital improvements.
See basis
@ carryover basis
The basis of property acquired from a decedent dying after December 1979 is the basis of the property in the hands of the decedent immediately preceding death. The basis is further adjusted for transfers of appreciated property, personal items, and exceptions for small estates. I.R.C. No. 1023.
@ stepped-up basis
In tax accounting, value placed on property which is acquired in a taxable transaction or purchase. I.R.C. No. 1012.
The basis of property acquired through inheritance, bequest, or devise from a decedent, is the fair market value of the property on the date of death or the fair market value on the alternate valuation date-six months from the date of death. The value is often higher than in the hands of the decedent, resulting in a stepped-up basis. I.R.C. No. 1014.
The basis of assets acquired by gift is the donors basis increased either by the amount of the gift tax paid (for gifts received before 1977) or the portion of the gift tax paid which is due to the increase in the value of the gift (for gifts received after 1976). I.R.C. No. 1015.
@ substituted basis
In tax accounting, the basis of property acquired in an exchange in which a gain or loss is not recognized, is the basis of the property transferred, except where the property acquired is subject to a lien. I.R.C. No. 1031.
See also accrual basis
+ substituted basis
In taxation, the basis of an asset determined by reference to the basis in the hands of a transferor, donor or grantor or by reference to other property held at any time by the person for whom the basis is to be determined. I.R.C. No. 1016(b)
@ basis of bargain
That on which any affirmation of fact or promise relating to goods sold is predicated, creating an express warranty. U.C.C. No. 2-313(lXa).
@

Black's law dictionary. . 1990.

Synonyms:

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  • Basis- — Basis …   Deutsch Wörterbuch

  • basis — ba·sis / bā səs/ n pl ba·ses / ˌsēz/ 1: something (as a principle or reason) on which something else is established the court could not imagine any conceivable basis for the statute see also rational basis 2: a basic principle o …   Law dictionary

  • Basis — may refer to* Basis future, the value differential between a future and the spot price * Basis (options), the value differential between a call option and a put option * Cost basis, in the calculation of capital gains * Basis (crystal structure) …   Wikipedia

  • Basis — steht für: Basis (Architektur), den untersten Bauteil einer Säule oder das Podest einer Statue Basis (Stereofotografie), den Abstand zweier zum Ziel ausgerichteter Kameras Kristallstruktur#Basis, die Grundstruktur eines Kristalles Basis (Band)… …   Deutsch Wikipedia

  • Basis [5] — Basis (Grundlinie, Standlinie) nennt man bei trigonometrischen Bestimmungen diejenige durch unmittelbare Längenmessung erhaltene Linie, aus der weitere Linien rechnerisch abgeleitet werden sollen. – Eine »Basis« in einzelnen… …   Lexikon der gesamten Technik

  • BASIS — Заставка BASIS Разработчик Сергей Камнев Последняя версия ?  ? Лицензия Закрытое ПО Состояние Не развивается BASIS специфическая …   Википедия

  • Basis — Sf Grundlage erw. fach. (15. Jh.) Entlehnung. Entlehnt aus l. basis, dieses aus gr. básis (eigentlich Schritt, Gang ), einer Ableitung von gr. baínein gehen . (Zur Bedeutungsentwicklung vgl. nhd. treten Tritt im Sinne von fester Untergrund,… …   Etymologisches Wörterbuch der deutschen sprache

  • Basis — Ba sis (b[=a] s[i^]s), n.; pl. {Bases} (b[=a] s[=e]z). [L. basis, Gr. ba sis. See {Base}, n.] 1. The foundation of anything; that on which a thing rests. Dryden. [1913 Webster] 2. The pedestal of a column, pillar, or statue. [Obs.] [1913 Webster] …   The Collaborative International Dictionary of English

  • basis — (del lat. «basis»; ant.) amb. Base. * * * basis. (Del lat. basis). amb. desus. Base o fundamento …   Enciclopedia Universal

  • Basis [3] — Basis , in der Mathematik Grundlinie einer geometrischen Figur, Grundfläche eines Körpers, Grundzahl eines Logarithmensystems. – Basis, zur Verwandlung von Flächen, s. gemeinschaftliche Basis von statischen Momenten unter Parallelkräfte.… …   Lexikon der gesamten Technik

  • basis — 1570s, bottom or foundation (of something material), from L. basis foundation, from Gk. basis a step, stand, base, that whereon one stands, from bainein go, step (see COME (Cf. come)). Transferred and figurative senses (of immaterial things) are… …   Etymology dictionary

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