Which of the following is not true about a property's basis? Question 2 Answer The default, and simplest, basis for an item of property is its original cost Property received as a gift, through an inheritance, or in a divorce might have a basis other than its original cost The basis of a property is defined in the Internal Revenue Code Once established, a property's basis cannot be adjusted upward or downward None of the above (i.e., all of the above are true)