Definition of basis
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 a website that is updated on an hourly basis hired on a trial basis He is on a first-name basis with his customers.
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)
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
Origin and Etymology of basis
Latin — more at base
First Known Use: 14th century
BASIS Defined for English Language Learners
Definition of basis for English Language Learners
: something (such as an idea or set of ideas) from which another thing develops or can develop
: a reason for doing something
: a fixed pattern or system for doing something
BASIS Defined for Kids
Legal Definition of basis
bases\-ˌsēz\ play play
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 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
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