In a tax-deferred exchange, the adjusted tax basis of the property surrendered that is used to determine the tax basis of the property acquired. See basis (tax).
A tax basis where the recipient of a gift has the donor's basis in the property.
Treatment for capital gains tax purposes of a recipient's basis in appreciated property when recipient takes the donor's basis. For gift tax purposes, the recipient takes the donor's basis. Pursuant to the 2001 Tax Act, upon full repeal of the estate tax currently scheduled for 2010, a modified carryover basis regime will apply to property passing at a decedent's death rather than the current step-up in basis.
A term used for taxes. When someone gets a gift, the value of that gift (called the basis) moves from the person who gave the gift to the person who received it. The carryover basis can't be more than what the gift is worth at that time.
The relinquished property adjusted cost basis carries over to become the Exchangor's/Investor's adjusted cost basis in the new property acquired. In General this basis may be increased by: The amount of cash put into the transaction or the increased indebtedness acquired. Or decreased by: The amount of money received (mortgage boot treated as cash) Any non like-kind property loss recognized in the exchange Any non like-kind property loss recognized in the exchange The amount of "cash out" in the form of money or mortgage relief received. See also; Transfer Of Basis or Transfer Basis
Basis in property that may 'carry over' from the transferor to the transferee. Generally this occurs when there is an exchange of property, or property is transferred by gift.
The tax basis of someone who receives a gift. The recipient's basis is the same as the giver's; it simply "carries over" when the gift is made.
Basis for the valuation of property, for tax purposes, acquired from a decedent.