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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.
Since the truck’s benefits are spread over the years that the truck is in use, we will want to spread the cost of the truck over those subsequent years as well. Otherwise the business would appear overly burdened in Year One and unnaturally profitable every year thereafter. Thus the truck is a capital expenditure which should be depreciated ...
For example, let's say a taxpayer receives like-kind property worth $12,000 and $8,000 in cash in exchange for old property with a basis of $14,000. The basis in the new property is determined by subtracting the cash received ($8,000) from the basis in the old property ($14,000) and then adding the gain recognized ($6,000).
General Motors has expanded an earlier recall of its trucks over a faulty tailgate to include 820,000 vehicles sold in the U.S. and Canada. In a recent letter posted on the National Highway ...
The term replacement cost or replacement value refers to the amount that an entity would have to pay to replace an asset at the present time, according to its current worth. [1] In the insurance industry, "replacement cost" or "replacement cost value" is one of several methods of determining the value of an insured item. Replacement cost is the ...
The tax basis of an asset subject to cost recovery must be reduced by deductions allowed for such cost recovery. [5] For example, if Joe claimed $25,000 of depreciation deductions on his building, his adjusted basis would be the $90,000 as above less $25,000, or $65,000.
For example, if the replacement cost — not the amount that you paid for it originally, but the amount it would cost to replace it today — for your roof is $20,000, but the roof loses 5 percent ...
Any added costs on U.S. imports from the three counties "will be shared by our customers," Barry told investors on Nov. 26, noting that "there's very little in [the] consumer electronics space ...
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