Learn or Find Bookkeeping, Payroll, Accounting, QuickBooks, or Tax Terms
Select a letter below or enter a term or keyword.
The purchase price paid for property, or the value at which it is taken into income (as in the case of services paid for in property). It is the amount most often applied against the amount realized from the sale of property in determining the profit or loss. It is also the figure most often used in determining the depreciation deduction. However, in special circumstances, where property is not acquired by purchase, there may be a special basis for a finding of gain or loss or depreciation.