carryover basis

carryover basis definition - business

carryover basis

  1. The cost basis for tax purposes of an asset that has been received as a gift. In general, the carryover basis of assets received as a gift is the same as the basis of the giver.
  2. The tax basis of property received in a like-kind exchange. The tax basis of relinquished property carries over to the replacement property. Also called substituted basis.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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