Statutory Definition
Section 1012 of the Internal Revenue Code defines “basis” as a taxpayer’s cost in acquiring property, except as provided in Sections 1001-1092. Section 1016 then lists 27 adjustments to this basis. Generally, improvements to property increase basis while depreciation deductions decrease it.
Read more about this topic: Adjusted Basis
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“Was man made stupid to see his own stupidity?
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