IRS PUBLICATION 551 - BASIS OF ASSETS
A document that explains the process of determining the cost basis for investments, real estate, and business assets. Basis is used to find out what profit or loss materialized from the sale and signifies the cost, usually the purchase cost for a property and trading fees for investments, of the investment or property. Released by the Internal Revenue Service (IRS), it also determines depreciation and amortization for a given property.
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Original Cost
It simply refers to the total cost associated in buying an asset.
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