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Definition of basis
bases
play \-ˌsēz\1 : the bottom of something considered as its foundation
2 : the principal component of something Fruit juice constitutes the basis of jelly.
3a : something on which something else is established or based stories with little basis in reality no legal basis for a new trial still some basis for hope selected on the basis of test scoresb : an underlying condition or state of affairs hired on a trial basis He is on a first-name basis with his customers.c : a fixed pattern or system meets with us on a regular basis [=regularly] The department sends reports on a daily basis. [=every day]
4 : the basic principle concepts that form the basis of the country's economic policies
5 mathematics : a set of linearly independent vectors (see 1vector 1a) in a vector space such that any vector in the vector space can be expressed as a linear combination of them with appropriately chosen coefficients (see coefficient 1)
People Are Reading
Examples of basis in a Sentence
The company does not hire employees on the basis of their race, sex, age, or religion.
the sole basis for the rumor is someone's overactive imagination
Recent Examples of basis from the Web
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The Seattle Times publishes reader rants and raves on a space-available basis.
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What was out there was a little too impractical to implement in our labs and use on a day-to-day basis.
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Each team recently completed in five dual meets on a home-and-away basis during the regular season.
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Countries’ quotas are now set on a basis that is more scientific than political.
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Delorme said more than 80 percent of the spots in the stadium’s four garages have been sold and are on a first-come, first-serve basis.
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A limited number of Game Day passes will be sold on a first-come, first-serve basis.
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There is no factual basis available from the township which support an assertion that a TIF will accelerate the initiation let alone the completion of phase II.
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More than 18,000 District 203 students and teachers in second through 12th grade will be issued a Chromebook and kindergarteners and first-graders will share iPads on a two-to-one basis.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'basis'. Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
Origin and Etymology of basis
Latin — more at base
Financial Definition of BASIS
basis
What It Is
Adjusted basis refers to the increase or decrease in an asset's value due to depreciation or capital enhancements.
How It Works
From the time an asset is acquired until the time it is sold, an asset experiences a number of events which affect its value. These events can cause an increase or decrease in the asset's total value. An asset's adjusted basis takes the base price of an asset and adjusts it for changes in value reflecting enhancements and or depreciation. For instance, a given asset purchased for $100 that is sold one year later after having experienced $10 in depreciation and $50 in improvements would have an adjusted basis of $100 - $10 + $50 = $140.
BASIS Defined for English Language Learners
basis
playDefinition of basis for English Language Learners
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: something (such as an idea or set of ideas) from which another thing develops or can develop
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: a reason for doing something
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: a fixed pattern or system for doing something
BASIS Defined for Kids
basis
playDefinition of basis for Students
bases
\-ˌsēz\: something on which another thing is based or established : foundation The story has its basis in fact.
Medical Dictionary
Law Dictionary
basis
playLegal Definition of basis
bases
\-ˌsēz\ play play1 : 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 or method; especially : the principle or method by which taxable income is calculated Editor's note: The Internal Revenue Code has set some limits on which method a taxpayer may use for figuring taxable income. For example, a corporation with gross receipts under $5,000,000 may be a cash-basis taxpayer. accrual basis : a method of accounting in which income and expenses are recorded in the period when they are earned or incurred regardless of when the payment is received or made —called also accrual method cash basis : a method of accounting in which income and expenses are recorded in the period when payment is received or made —called also cash method
3 : the value (as cost or fair market value) of an asset used in calculating capital gains or losses for income tax purposes adjusted basis : the basis of an asset increased or decreased to reflect changes in value (as through improvement or depreciation) carryover basis \ˈkar-ē-ˌō-vər-\ : the basis of a donated or transferred asset that is equal to the basis of the asset when it was in the hands of the donor or transferor Editor's note: Carryover basis is generally applied to gifts and to transfers in trust. cost basis : the basis of an asset equal to the amount paid for the asset plus other acquisition costs stepped–up basis \ˈstept-ˈəp-\ : the basis of inherited property equal to its market value at the decedent's date of death or to an alternate valuation substituted basis : the basis of property received in exchange for property of a like kind that is equal to the basis of the property given with adjustments for additional consideration received or gains and losses realized
Learn More about basis
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See words that rhyme with basis Thesaurus: All synonyms and antonyms for basis Spanish Central: Translation of basis Nglish: Translation of basis for Spanish speakers Britannica English: Translation of basis for Arabic speakers Britannica.com: Encyclopedia article about basis
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