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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.
Cost basis is key to understanding your tax obligations.
In tax accounting, adjusted basis is the net cost of an asset after adjusting for various tax-related items. [1] Adjusted Basis or Adjusted Tax Basis refers to the original cost or other basis of property, reduced by depreciation deductions and increased by capital expenditures. Example: Muhammad buys a lot for $100,000. He then erects a retail ...
Many rental items have hidden or embedded accessories or attachments; for example, rental cars are typically supplied with a full tank of fuel. Effectively the fuel tank is an embedded accessory. Some accessories may be consumables, for example dust masks and sanding belts may accompany a floor sander. In this case, the consumables may be ...
Cost basis in investments: What it is and how to calculate it. Cost basis is the original value of an investment, typically the price you bought it for. It’s used to calculate capital gains or ...
Tower climbers perform routine inspections and tests on broadcasting towers, and may also be called upon to perform repairs and to provide input when plans for new equipment are being developed. Along with the installers of the tower antennas, other crews climb the towers to perform condition checks of the towers, guy lines and lighting systems ...
Pole-climbing class at the University of Michigan for ongoing lineworkers, January 1919. Pole climbing is ascending a pole which one can grip with their hands. The related activity of mast climbing describes ascending an object similar to a pole, but having a larger diameter which excludes gripping with the hands.
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.