Basis
Legal Definition and Related Resources of Basis
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Meanings, Synonyms, Etymology, Translations and More
Meaning of Basis
Fundamental principle; the foundation of any reasoning. Within the tax law, a term of art for the cost of property , which generally includes mortgages assumed. See Internal revenue Code§ 167(9).
Financial Definition of Basis
Regarding a futures contract, the difference between the cash price and the futures price observed in the market. Also, it is the price an investor pays for a security plus any out-of-pocket expenses. It is used to determine capital gains or losses for tax purposes when the stock is sold.
International Trade Meaning and Definition of Basis
The simple difference between two nominal interest rates.
Synonyms of Basis
noun
assumption
authority
background
base
cause
essence
foundation
fulcrum
fundamentals
fundus
ground
groundwork
hypothesis
justification
motive
origin
premise
principle
proposition
purpose
raison detre
rationale
reason
root
source
support
underlying principle
warrant
Associated Concepts: basis of cost
basis of keeping accounts
basis of the bargain
cash basis
contingency basis
costplus basis
Related Entries of Basis in the Lawi Project
Browse or run a search for Basis in the legal resources (including dictionaries and American law definitions), the Asian legal platform, the European law platform, the British legal resources or the Latin American and Spanish platform and publications (Lawi) about law in the world.
Basis in Historical Law
You might be interested in the historical meaning of this term. Browse or search for Basis in historical law and the evolution of legal systems (study).
Legal Abbreviations and Acronyms
Search for legal acronyms and/or abbreviations containing Basis in the Legal Abbreviations and Acronyms Dictionary.
Related Legal Terms
You might be also interested in these legal terms:
Mentioned in these terms
Actionable, Adhesion Contract, Capricious, , Cash Asset, Complaint, Conclusion, Contract, Facultative Reinsurance, False Arrest, Grand Jury, Grounds, Immoral Contract, Implied Contract, Innocent Purchaser, Invitee, Judgment In Personam, , Open Contract, Representation, Rolled-up Plea, Sample, Simple Larceny, Strict Liability, Trover.
See also
Tax Basis in the American legal Encyclopedia
Cost Basis in the American legal Encyclopedia
What does Basis mean in American Law?
The definition of Basis in the law of the United States, as defined by the lexicographer Arthur Leff in his legal dictionary is:
In ordinary language, the conceptual twin of the more physical term base.
In income tax law, "basis" is a technical term used in calculating capital gains, and in computing depreciation. While special and complex rules apply when the property has been acquired in certain ways (e.g., upon conversion from personal to business use, or by gift or inheritance), when the relevant property has been acquired by purchase, the basis is ordinarily the same as its actual or constructive cost, modified by certain statutory adjustments (see adjust). This "adjusted basis" is then deducted from the "amount realized," the remainder being the capital gain. If a depreciation computation, this "adjusted basis" is that to which the allowable depreciation percentage is applied. See I.R.O. §§ 1011-1023 for the details, see also stepped-up basis; substituted basis.
Resources
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See Also
Internal Revenue Code; Profit.
United States Tax Concept of Basis
The amount you paid for an asset plus certain other costs that increase your basis - less depreciation previously taken. You need to know your "basis" to figure gain or loss on a sale.
Concept of Basis in the context of Real Property
A short definition of Basis: The purchase price of a property, including all expenses related to the purchase.
Concept of Basis in the context of Real Property
A short definition of Basis: The purchase price of a property, including all expenses related to the purchase.