Dictionary of Law
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adjusted basis :: legal definition


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 generally higher than the original price and will lower capital gains taxes.

See also: basis income tax and Related Law Terms ↓


Related Law Terms

bad debt :: n. an uncollectible debt. The problem is to determ ... ust no income on which to be taxed.
basis :: n. the original cost of an asset to be used to det ... ssistance. See also: adjusted basis
capital gains :: n. the difference between the sales price and the ... so: basis delayed exchange exchange
capital stock :: n. the original amount paid by investors into a co ... price. See also: corporation stock
child support :: n. court-ordered funds to be paid by one parent to ... ild custody divorce spousal support
deduction :: n. an expenditure which an income tax payer may su ... dded together, reduce the tax owed.
exchange :: 1) v. to trade or barter property, goods and/or se ... ins tax. See also: delayed exchange
exemption :: n. 1) in income taxation, a credit given for each ... l children or is a college student.
gross income :: n. in calculating income tax, the income of an ind ... in net income. See also: income tax
income :: n. money, goods or other economic benefit received ... ernment and most state governments.
income tax :: n. a tax on an individual's net income, after dedu ... al government. See also: income tax
lease :: 1) n. a written agreement in which the owner of pr ... triple net lease unlawful detainer
recapture :: n. in income tax, the requirement that upon sale o ... capital gains. See also: income tax
tax :: n. a governmental assessment (charge) upon propert ... unified estate and gift tax use tax
tax costs :: n. a motion to contest a claim for court costs sub ... sts" to avoid paying these charges.

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity
testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - A

a fortiori :: (ah-for-she-ory) prep. Latin for "with even strong ... rother Cain certainly is too young.
a priori assumption :: (ah-pree-ory) n. from Latin, an assumption that is ... when the reality is not so certain.
a.k.a. :: prep. abbreviation for "also known as" when someon ... nodgrass, a.k.a. "Snuffy the Snod."
ab initio :: prep. lawyer Latin for "from the start," as "it wa ... tart," as "it was legal ab initio."
abandon :: v. to intentionally and permanently give up, surre ... lso: abandoned property abandonment
abandoned property :: n. property left behind (often by a tenant) intent ... -use. See also: abandon abandonment
abandonment :: n. the act of intentionally and permanently giving ... : abandon abandoned property patent
abate :: v. to do away with a problem, such as a public or ... ty septic tank. See also: abatement
abatement :: n. 1) the removal of a problem which is against pu ... eneficiary in full. See also: abate
abduction :: n. the criminal taking away of a person by persuas ... g of children. See also: kidnapping
abet :: v. to help someone commit a crime, including helpi ... n the crime. See also: aid and abet
abeyance :: 1) n. when the owner- ship of property has not bee ... 2) legal jargon for "undetermined."
able-bodied :: adj. physically capable of working at a job or in ... of paying alimony or child support.
abortion :: n. the termination of pregnancy by various means, ... ed abortion continue in the future.
abrogate :: v. to annul or repeal a law or pass legislation th ... ons of a contract. See also: repeal
abscond :: v. 1) traditionally to leave a jurisdiction (where ... as in "he absconded with the loot."
absolute :: adj. complete, and without condition. ... j. complete, and without condition.
abstention doctrine :: n. when the Supreme Court refuses to exercise its ... being appealed from a state court.
abstract :: n. in general, a summary of a record or document, ... tract of judgment abstract of title
abstract of judgment :: n. a written summary of a judgment which states ho ... aying the debt. See also: levy lien