carryover basis
carryover basis see basis 3

Merriam-Webster’s Dictionary of Law. . 1996.

carryover basis
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.
Category: Personal Finance & Retirement → Taxes
Category: Real Estate & Rental Property
Category: Wills, Trusts & Estates → Estate Tax

Nolo’s Plain-English Law Dictionary. . 2009.

carryover basis
USA
carryover basis, Also known as transferred basis.
Property with a basis determined in whole or in part by reference to the basis in the hands of a donor, grantor or other transferor. For example, in a tax-free reorganization that is structured as an asset acquisition, the purchasing corporation takes a carryover basis in the target company's assets (in other words, the purchasing corporation's basis in the target company's assets is the same as the basis that the target company had in those assets).
Related links

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

Look at other dictionaries:

  • Carryover basis — occurs when a property transfer also results in a transfer of the transferor s basis in the property. The transferor s basis in the property carries over to the transferee. Tax law of United States of AmericaCarryover basis, also referred to as a …   Wikipedia

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  • basis — ba·sis / bā səs/ n pl ba·ses / ˌsēz/ 1: something (as a principle or reason) on which something else is established the court could not imagine any conceivable basis for the statute see also rational basis 2: a basic principle o …   Law dictionary

  • basis — Fundamental principle; groundwork; support; the foundation or groundwork of anything; that upon which anything may rest or the principal component parts of a thing. Accounting. Term used in accounting, especially in tax accounting, to describe… …   Black's law dictionary

  • basis — Fundamental principle; groundwork; support; the foundation or groundwork of anything; that upon which anything may rest or the principal component parts of a thing. Accounting. Term used in accounting, especially in tax accounting, to describe… …   Black's law dictionary

  • basis, carryover — n. The basis of property acquired from a decedent, valued at the basis of the property just before the decedent’s death. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008 …   Law dictionary

  • Stepped-up basis — basis is the term used to describe the basis of property that a taxpayer receives from a decedent under the Internal Revenue Code § 1014(a). General rule Under IRC § 1014(a) the general rule applied to property a beneficiary receives from a… …   Wikipedia

  • tax basis — See: basis Category: Personal Finance & Retirement → Taxes Category: Real Estate & Rental Property → Selling a House Category: Wills, Trusts & Estates → Estates, Executors & Probate Court Nolo’s Plain English Law Dictionary. Gerald N. Hill,… …   Law dictionary

  • cost basis — see basis 3 Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. cost basis n. The amount …   Law dictionary

  • transferred basis — USA carryover basis, Also known as transferred basis. Property with a basis determined in whole or in part by reference to the basis in the hands of a donor, grantor or other transferor. For example, in a tax free reorganization that is… …   Law dictionary

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