Basis at Legal Glossary What is it? For income and capital gains tax purposes, the value that is used to determine profit or loss when property is sold.
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 the price paid for the property. If a house is purchased at $200,000, the tax basis is $200,000.
Basis may refer to
Cost basis, in income tax law, the original cost of property adjusted for factors such as depreciation.
Basis future, the value differential between a future and the spot price ...
Basis
(n) Basis is used to denote the costing of a property while arriving at the profit earned to calculate the capital gain tax when that property is sold. There are two basis used to derive the cost of property sold.
adjusted basis
Overview
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Definition from Nolo's Plain-English Law Dictionary ...
basis of most modern laws requiring that certain promises must be in writing in order to be enforceable; it was passed by the English Parliament in 1677.
basis
n. the original cost of an asset to be used to determine the amou...
battery
n. the actual intentional striking of someone, with intent to har...
The basis of a decision, usually, but not always, in writing. For example, the reasons for a judge's rulings on matters like granting sanctions or summary judgement, holding a party in contempt, etc.
the basis set forth in the application as initially filed
-- see filing basis
t ...
Cash basis
Definition
: a method of accounting in which income and expenses are recorded in the period when payment is received or made ...
On this basis we might draw up tables of consecutive stages, of which the simplest may be taken from Post: "Four types of organization: the tribal, the territorial, the seignorial, and the social.
"On what basis did the superior courts exercise their powers to punish for contempt and to prevent abuse of process by summary proceedings instead of by the ordinary course of trial and verdict?
Rational Basis: Standard of review applied by appellate courts that affords high deference to the wisdom or expertise of an administrative body.
Precedent form the basis of the theory of stare decisis which prevent "reinventing the wheel" and allows citizens to have a reasonable expectation of the legal solutions which apply in a given situation.
Preferred shares, or preference shares ...
Contract law is the basis of all commercial dealings from buying a bus ticket to trading on the stock market.
Contract law is a species of private law.
Cause of Action A cause of action is essential to every civil lawsuit; it is the basis for your complaint. Usually the plaintiff will assert separate counts in his complaint -- one for each cause of action.
These court orders are obtained on the basis of a sworn statement by the requesting law enforcement officer and will precisely describe the place to be searched and, in some cases, the exact property being sought.
Absolute Discharge(see Discharge)Absolute Liability(see Liability)AccessIn family law cases, the right to spend time with the children on a regular basis and to receive information on the children's health, education, and well-being.
The principles of natural justice were derived from the Romans who believed that some legal principles were "natural" or self-evident and did not require a statutory basis.
This used to form the basis of an ancient legal petition called "jactitation of marriage" wherein a person could be ordered by the courts to cease claims of being married to a certain person when, in fact, they were not married.
reasonable cause - As basis for arrest without warrant, is such state of facts as would lean man of ordinary care and prudence to believe and conscientiously entertain honest and strong suspicion that person sought to be arrested is guilty of ...
The old common law is the basis of all State laws, modified as each sees fit.
Since it became available on a prescription basis last June, 270,000 smokers in Britain have been given courses of the drug, which works by inhibiting the craving for cigarettes.
H-1B - workers with "specialty occupations" admitted on the basis of professional education, skills, ...
Lease Contract - An agreement under which equipment or facilities can be obtained on a rental payment basis for a given period of time.
Legal Composition - Identification and description of the lawful ownership or title to a business.
Law which exists and applies to a group on the basis of historical legal precedents developed over hundreds of years. Because it is not written by elected politicians but, rather, by judges, it is also referred to as "unwritten" law.
The COPUOS operates on the basis of consensus, i.e. all committee and subcommittee delegates must agree on treaty language before it can be included in the final version of a treaty, ...
(dee-muhr-ur) a written response to a complaint filed in a lawsuit which, in effect, pleads for dismissal on the point that even if the facts alleged in the complaint were true, there is no legal basis for a lawsuit.
There must be an agreement as to the specific goods which form the basis of the contract of sale; in other words, to make a perfect sale, the parties must have agreed the one to part with the title to a specific article, ...
in rem jurisdiction: a basis for the court to adjudicate rights in property between specific persons; the controversy may or may not relate to the property.
Willful Infringement: Conduct that constitutes an illegal use of another's patented invention where the infringer has no reasonable basis for believing that its actions are legal.
Where a person is taken on a self-employed or consulting basis to perform a role, as a consultant, there is tax flexibility for the worker and lower administrative burdens for the employer.
Chart Child Support Method: The method used to establish a basis for determining child support.
An employer cannot defend a claim of direct discrimination on the basis that the discrimination was justified.
Juvenile found to have committed a status offense rather than a crime that would provide a basis for a finding of delinquency. Typical status offenses are habitual truancy. Violating a curfew, or running away from home.
It is not the actual length of time of the detention that is the key here, but, rather, whether a reasonable person would perceive, while detained, on the basis of the totality of the circumstances (including, very importantly, ...
Summary Judgment: A judgment given on the basis of pleadings, affidavits, and exhibits presented for the record without any need for a trial.
Summary judgment: A decision made on the basis of statements and evidence presented for the record without a trial. It is used when there is no dispute as to the facts of the case, and one party is entitled to judgment as a matter of law.
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GROUNDS FOR DIVORCE: the legal basis for a divorce; the law sets out specific reasons for a divorce which have to be proven before the court can grant a divorce. Back to Top
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JUDGMENT: a court's decision.
Structured Sentencing Act - enacted October 1, 1994, the law classifies offenders on the basis of the severity of their crime and on the extent and gravity of their prior criminal record.
directed verdict - In civil cases in which there is insufficient basis for any other conclusion, the judge may direct the jury to render a specific verdict.
National Origin Discrimination: Discrimination on the basis of an employee's ethnicity.
Negligence: Failure to exercise reasonable care to avoid injuring others or their property. Negligence includes both actions and failure to act.
Verdict - A conclusion, as to fact or law, that forms the basis for the court's judgment. (See directed verdict.)
Veterans' Administration (VA) - The federal agency which administers a system of benefits for veterans and their dependents.
Count: The different parts of a complaint, which could each be a basis or grounds for the lawsuit.
Counter Claim: A claim by the defendant in a civil action that the defendant is entitled to damages or other relief from the plaintiff.
**condictio - a type of action alleging a debt without specifying the precise basis of the claim. It was available in both contractual and quasi-contractual claims.
*constitutio - general term for imperial legislation of all types.
Irrelevant
Not material. Irrelevancy forms the basis of an objection to the introduction of evidence asserting that the proposed evidence is not connected to the issue being decided.
special master: a special master is an attorney appointed on an ad hoc basis to assist the court in hearing motions (NYS)
special proceedings: general term for remedies or proceedings which are not ordinary actions, e.g., condemnation ...
A White Paper will often be the basis for a Bill to be put before Parliament. The White Paper allows the Government an opportunity to gather feedback before it formally presents the policies as a Bill.
The complaint outlines the alleged facts of the case and the basis for which a legal remedy is sought. In a criminal action, a complaint is the preliminary charge filed by the complaining party, usually with the police or a court.
acceptable daily Intake (ADI) : Estimate of the largest amount of chemical to which a person can be exposed on a daily basisthat is not anticipated to result in adverse effects (usually expressed in mg/kg/day). Same as RfD.
Tort: Any action or inaction that wrongs, damages, or injures another, and thus forms the basis of a civil lawsuit.
Trachea: The windpipe or tube that brings air from the larynx to the bronchial tubes.
Probable cause - A reasonable belief that a crime has or is being committed; the basis for all lawful searches, seizures, and arrests.
VISITATION RIGHT: The right granted to a parent or other relative to visit a child on a specified basis. Usually occurs during a divorce proceeding.
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It includes interest as well as other charges. Because all lenders follow the same rules to ensure the accuracy of the annual percentage rate, it provides consumers with a good basis for comparing the cost of loans, including mortgage plans.
To serve as a precedent for a current case, a prior decision must have a similar legal issue and a similar factual scenario. Our common law system is based upon precedent as courts seek to decide current cases on the basis of legal principles ...
practices that have in the past denied fair consideration to members of minority groups. Affirmative defense - A statement by a defendant that provides justification for an action or an explanation for behavior or that provides the basis for denial ...
 See also: Law, State, Person, Court, Information
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