Question: Which statement is INCORRECT regarding basis? Basis is: The amount of investment in a piece of property. The amount of money paid for a piece

Which statement is INCORRECT regarding basis? Basis is:

The amount of investment in a piece of property.

The amount of money paid for a piece of property, regardless of other considerations.

The amount of money used to calculate gain on a sale of an asset.

The value used to determine the amount for depreciation.

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