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denis23 [38]
3 years ago
10

Choose the response that best describes how the basis of purchased property is determined.

Business
1 answer:
user100 [1]3 years ago
5 0

Answer:

The correct answer is D

Explanation:

Basis is the amount of the home or property which is worth for the purposes of tax. When the person sold the property, the loss or gain  for the purpose of tax, which is determined by deducting the basis on the sale date from the price of sale(in addition to the sales expense).

Basis is the original cost of the property adjusted for the factors like depreciation. Therefore, the correct and right response which states the basis of the property is determined by the purchase price of the property in addition to the cost incurred at the time or duration of purchase.

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