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adjusted basis |
Also found in: Financial, Wikipedia | 0.05 sec. |
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adjusted basis n. in accounting, the original cost of an asset adjusted for costs of improvements, depreciation, damage and other events which may have affected its value during the period of ownership. This is important in calculating capital gains for income tax purposes since the adjusted basis is higher than the original price and will lower capital gains taxes. (See: basis, income tax) |
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? References in periodicals archive |
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The realized
gain or loss is the difference between the amount realized and the
taxpayer's adjusted basis in the property; no COD income is
realized. The adjusted basis is generally defined as the purchase price,
minus the value (or cost) of the land, plus the value of any capital
improvements made since the building acquisition, minus any depreciation
already claimed. When the basis of the notes
was added to the basis of the other contributed property, the amount of
the transferred liabilities did not exceed the adjusted basis. |
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adjusted basis