Nolo's Plain-English Law Dictionary

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Basis: For income and capital gains tax purposes, the value that is used to determine profit or loss when property is sold. Often the basis is what you paid for the property, adjusted to reflect improvements made or damage incurred while you own the property. (See also: adjusted basis, carryover basis, stepped-up basis)

LA-WS2:DRU.1.4.1.130427.19500