What BASIS means: The amount assigned to an asset from which gain or loss is determined for income tax purposes when the asset is sold. For assets acquired by purchase, basis is cost. Special rules govern the basis of property received by virtue of another's death or by gift, the basis of stock received on a transfer of property to a controlled corporation, the basis of the property transferred to the corporation, and the basis of property received upon the liquidation of a corporation.
- Definition Business Assets:
- Dictionary Assets used in a trade or business or used to produce rental or royalty income basis.
- Definition Bond:
- Dictionary corporation or governmental unit to repay, on a specified date, money loaned to it by the bondholder. The holder receives interest for the life of the bond. If a bond is backed by collateral, it is basis.
- Definition Bearer Bond:
- Dictionary A bond that has no owner's name registered on the books of the issuing company and is therefore payable to the holder basis.
- Definition Bequest:
- Dictionary A gift by will of personal property basis.
How works Basis meaning in Tah definition B .