basis

play

noun ba·sis \ ˈbā-səs \

Updated on: 26 Jul 2017

Definition of basis

plural 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.

3 a :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 scores

b :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)

See basis defined for English-language learners

See basis defined for kids

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

But Germany says the matter was settled long ago and experts say there is no legal basis for Poland to demand reparations.

— Washington Post, "Poland calls for reparations amid strains with Germany, EU," 30 Aug. 2017
Kansas City’s ethics commission found no basis Wednesday for a conflict of interest allegation against City Councilwoman Jolie Justus in her influential role relating to the potential modernization of Kansas City International Airport.

— lynn horsley, kansascity, "Ethics commission rules for councilwoman on conflict over KCI," 30 Aug. 2017
Defendant shall undergo examination on an out-patient basis by a psychiatrist or psychologist under contract or employed by the Alabama Department of Mental Health and Mental Retardation.

— prescotte stokes iii, AL.com, "Accused killer in Citronelle mass murders seeks to undergo mental evaluation," 29 Aug. 2017
Because the payments have been tied up in litigation brought by House Republicans against the Obama administration, President Trump has threatened to withhold them on nearly a monthly basis, only to make them at the last minute.

— russell berman, The Atlantic, "The Senate Tests a New Approach on Obamacare: Bipartisanship," 28 Aug. 2017
There is no test to diagnose CRPS; diagnosis is made on the basis of symptoms and after ruling out other disorders.

— sandra g. boodman, Philly.com, "Medical mystery: Why was her arthritis pain worse after surgery to relieve it?," 27 Aug. 2017
Shalva is non-denominational, free of charge and works on a first-come first-service basis, 24 hours a day and 365 days a year.

— sergio carmona, Jewish Journal, "American Friends of Shalva opens Southeast Region office," 25 Aug. 2017
Attempts at improvement followed, and by 1870, the basis of the modern can opener had been invented.

— kat eschner, Smithsonian, "Why the Can Opener Wasn’t Invented Until Almost 50 Years After the Can," 24 Aug. 2017
Ultimately, the only way to prevent this president from making policy on the basis of misinformation would to dismantle the vast right-wing propaganda network that created him and the voters who put him in the Oval Office.

— eric levitz, Daily Intelligencer, "The One Flaw in John Kelly’s Plan to Control the Info Trump Sees," 24 Aug. 2017

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

NEW! Time Traveler

First Known Use: 14th century

See Words from the same year

basis Synonyms

Synonyms

base, bedrock, bottom, cornerstone, footing, foundation, ground, groundwork, keystone, root, underpinning, warp, warp and woof

Financial Definition of BASIS

basis

noun

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.

Why It Matters

In the event an asset is sold, the adjusted basis is needed for tax purposes as it is used to calculate the capital gain or loss.

Source: Investing Answers

BASIS Defined for English Language Learners

basis

play

noun

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

basis

play

noun ba·sis \ ˈbā-səs \

Definition of basis for Students

plural bases \-ˌsēz\

:something on which another thing is based or established :foundation

The story has its basis in fact.

Medical Dictionary

basis

play

noun ba·sis \ ˈbā-səs \

medical Definition of basis

plural bases play \-ˌsēz\

1 :any of various anatomical parts that function as a foundation

2 :base 2b

Law Dictionary

basis

play

noun ba·sis \ ˈbā-səs \

legal Definition of basis

plural bases play \-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 or method; especially :the principle or method by which taxable income is calculated

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

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