The “basis” of property is the starting point for determining all of the following except:
a. Incorrect. Basis is used to figure depreciation on property held for business or investment.
b. Correct. Excise taxes are not based on “basis”; excise taxes may be added to the basis of property.
c. Incorrect. If there is damage or destruction of property due to a casualty event, the starting point for figuring a casualty loss is basis.
d. Incorrect. Gain or loss on the disposition of property is determined by comparing basis to the amount received on the disposition.
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