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Tax basis of property received by a U.S. person by gift is the donor's tax basis of the property. If the fair market value of the property exceeded this tax basis and the donor paid gift tax, the tax basis is increased by the gift tax. This adjustment applies only if the recipient sells the property at a gain. [7]
Basis (or cost basis), as used in United States tax law, is the original cost of property, adjusted for factors such as depreciation. When a property is sold, the taxpayer pays/(saves) taxes on a capital gain /(loss) that equals the amount realized on the sale minus the sold property's basis.
Basis of futures, the value differential between a future and the spot price; Basis (options), the value differential between a call option and a put option; Basis swap, an interest rate swap; Cost basis, in income tax law, the original cost of property adjusted for factors such as depreciation; Tax basis, cost of an asset
A plural base title can also redirect to an article (Bookends redirects to Bookend; Faces redirects to Face). If separate primary topics are determined, add a hatnote from the plural page to the singular form (or vice versa). Sometimes, what appears to be a plural form may also be a separate word, which can influence the primary topic decision.
bases / ˈ b eɪ s ɪ z / noun plural of base / ˈ b eɪ s iː z / noun plural of basis: bass / ˈ b eɪ s / noun low in pitch / ˈ b æ s / noun a fish blessed / ˈ b l ɛ s ɪ d / adjective having divine aid / ˈ b l ɛ s t / verb past tense of bless: bow / ˈ b oʊ / noun a stringed weapon, or the initiator of sound in some stringed musical ...
A common type of property tax is an annual charge on the ownership of real estate, where the tax base is the estimated value of the property. For a period of over 150 years from 1695, the government of England levied a window tax , with the result that one can still see listed buildings with windows bricked up in order to save their owner's money.
In accounting, a basis of accounting is a method used to define, recognise, and report financial transactions. [1] The two primary bases of accounting are the cash basis of accounting, or cash accounting, method and the accrual accounting method. A third method, the modified cash basis, combines elements of both accrual and cash accounting.
According to Adam Smith (1723–1790), the expectation of profit from "improving one's stock of capital" rests on private-property rights. [7] Capitalism has as a central assumption that property rights encourage their holders to develop the property, generate wealth, and efficiently allocate resources based on the operation of markets. From ...