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