Actual Cost Basis Definition | Law Insider (2024)

  • Actual Cost means the cost of depleted supplies, records storage media costs, actual mailing and alternative delivery costs, or other transmitting costs, and any direct equipment operating and maintenance costs, including actual costs paid to private contractors for copying services.

  • Actual Costs as used herein shall mean those costs that were reasonably incurred in order to protect the honesty and integrity of the gaming being operated by Tribe under, and to monitor the Tribe’s compliance with, the Compact. Costs incurred in common for more than one tribe shall be allocated among such tribes. For purposes of this Section 13, prior years’ actual costs shall be based on the actual costs incurred for the twelve months ending September 30. Regulatory Fees shall be paid as follows:

  • Normal cost means the annual cost attributable, under the actuarial cost method in use, to current and future years as of a particular valuation date, excluding any payment in respect of an unfunded actuarial liability.

  • Estimated Cost , for the purposes of rule 22, means the estimated cost to maintain, repair or replace a major capital item;

  • Gross weight means the aggregate weight of a vehicle or combination of vehicles and the load

  • Actual Minimum means, as of any date, the maximum aggregate number of shares of Common Stock then issued or potentially issuable in the future pursuant to the Transaction Documents, including any Underlying Shares issuable upon exercise in full of all Warrants, without giving effect to any limits on the number of shares of Common Stock that may be owned by a Holder at any one time.

  • Net salvage value means the salvage value of property retired less the cost of removal.

  • Actual weight means the actual unladen weight of a vehicle or combination of

  • Total cost means the total annual cost of benefits and related costs including but not limited to claims, administration expenses, insurance premiums, consulting, auditing and advisory fees and all other costs and taxes, as reported on the insurance carrier’s most recent yearly statement, and if any, premium costs on other district school area board or public school authority statements, for the year ending no later than August 31, 2015. The aforementioned statements are to be provided to the Ministry of Education. Total Cost excludes retiree costs. The average number of Full-Time Equivalent (FTE) positions in the bargaining unit as at October 31st and March 31st for the period consistent with this clause.

  • Estimated Costs means costs estimated by the Authority as likely to be:

  • Intrinsic Loss Estimate means total losses under the shared loss agreements in the amount of One hundred Sixty-eight million dollars ($168,000,000.00).

  • Actual Cash Value means purchase price less depreciation.

  • SF1-4 Intrinsic Loss Estimate means total losses under this Single Family Shared-Loss Agreement in the amount of eighteen million dollars ($18,000,000.00).

  • Actual consumption means the measured consumption by a customer of a municipal service;

  • average consumption means the average consumption of a customer of a municipal service during a specific period, and is calculated by dividing the total measured consumption of that municipal service by that customer over the preceding three months by three;

  • Gross Heating Value means the total heat expressed in megajoules per cubic metre (MJ/m³) produced by the complete combustion at constant pressure of one (1) cubic metre of gas with air, with the gas free of water vapour and the temperature of the gas, air and products of combustion at standard temperature and all water formed by the combustion reaction condensed to the liquid state;

  • Actual Value means the greenhouse gas emissions savings for some or all of the steps of a specific biofuel, bioliquid or biomass fuel production process, calculated in accordance with the methodology laid down in Part C of Annex V or Part B of Annex VI;

  • Gross Calorific Value of “GCV” shall mean that quantity of heat expressed in Kilowatt- hour produced by the complete combustion of one (1) normal cubic metre of Natural Gas at twenty-five (25) degrees Celsius and an absolute pressure of one decimal zero one three two five (1.01325) bar with excess air at the same temperature and pressure as the Natural Gas when the products of combustion are cooled to twenty-five (25) degrees Celsius and when the water formed by combustion is condensed to the liquid state and the products of combustion contain the same total mass of water vapor as the Natural Gas and air before combustion.

  • Adjusted gross receipts means the gross receipts less winnings paid to wagerers.

  • Total Costs means the sum of all direct and indirect costs associated with the purchase of the goods incurred by CPUT, including but not limited to the invoice price, goods life, service costs, distribution costs, transaction costs, inventory costs, purchasing administration costs and other costs incurred with the use of the goods provided by the Bidder.

  • Trip Cost means the dollar amount of Trip payments or deposits paid by the Insured prior the Insured’s Trip Departure Date and shown on any required application which is subject to cancellation penalties or restrictions. Trip cost will also include the cost of any subsequent pre-paid payments or deposits paid by the Insured for the same Trip, after application for coverage under this plan provided the Insured amends the Application to add such subsequent payments or deposits and pays any required additional plan cost prior to the Insured’s Departure Date.

  • Final Average Earnings means (a) divided by (b) as follows:

  • Total Intrinsic Loss Estimate means the sum of the SF1-4 Intrinsic Loss Estimate in the Single Family Shared-Loss Agreement, and the Commercial Intrinsic Loss Estimate in the Commercial Shared-Loss Agreement, expressed in dollars.

  • Actual Tax Liability means, with respect to any Taxable Year, the liability for Covered Taxes of the Corporation (a) appearing on Tax Returns of the Corporation for such Taxable Year and (b) if applicable, determined in accordance with a Determination (including interest imposed in respect thereof under applicable law).

  • Adjusted Net Earnings from Operations means, with respect to any fiscal period of Foamex, the net income of Foamex and its Subsidiaries after provision for income taxes for such fiscal period, as determined in accordance with GAAP on a consolidated basis (excluding the Joint Ventures and the China Joint Venture) and reported on the Financial Statements for such period, excluding any and all of the following included in such net income: (a) gain or loss arising from the sale of any capital assets; (b) gain (or loss) arising from any write-up (or write-down) in the book value of any asset; (c) earnings of any Person, substantially all the assets of which have been acquired by Foamex or any of its Subsidiaries in any manner, to the extent realized by such other Person prior to the date of acquisition; (d) earnings of any Person (other than Foamex Canada and the Mexican Subsidiaries and their respective Subsidiaries) in which Foamex or any of its Subsidiaries has an ownership interest unless (and only to the extent) such earnings shall actually have been received by Foamex or any of its Domestic Subsidiaries in the form of cash distributions; (e) earnings of any Person to which assets of Foamex or any of its Subsidiaries shall have been sold, transferred or disposed of, or into which Foamex or any of its Subsidiaries shall have been merged, or which has been a party with Foamex or any of its Subsidiaries to any consolidation or other form of reorganization, prior to the date of such transaction; (f) gain or loss arising from the acquisition of debt or equity securities of Foamex or any of its Subsidiaries or from cancellation or forgiveness of Debt; and (g) gain or loss arising from extraordinary items, as determined in accordance with GAAP.

  • Direct Cost means a cost not to exceed the cost of labor, material, travel and other expenditures to the extent the costs are directly incurred to provide the relevant assistance or service. “Direct Cost” to the Acquirer for its use of any of a Respondent’s employees’ labor shall not exceed the average hourly wage rate for such employee;

  • Actual Cost Basis Definition | Law Insider (2024)

    FAQs

    Actual Cost Basis Definition | Law Insider? ›

    Related Definitions

    What is the actual cost basis? ›

    Cost basis is the original value or purchase price of an asset or investment for tax purposes. It is used to calculate capital gains or losses, which is the difference between the selling and purchase prices of capital assets. Tracking cost basis is required for tax purposes.

    What is the legal definition of actual cost? ›

    Actual costs means (except for subpart 31.6) amounts determined on the basis of costs incurred, as distinguished from forecasted costs. Actual costs include standard costs properly adjusted for applicable variances.

    What is reasonable actual cost? ›

    actual reasonable costs means all costs expended by Contractor for all work done under this Contract up to the date of termination, settlements with subcontractors for work performed prior to termination, and Contractor's reasonable costs related to termination which would otherwise not have been incurred.

    What is the cost basis rule? ›

    Cost basis is the original value of an asset for tax purposes—usually the purchase price, adjusted for stock splits, dividends, and return of capital distributions. This value is used to determine the capital gain, which is equal to the difference between the asset's cost basis and the current market value.

    How do you calculate actual basis? ›

    Basis is most often calculated as the difference between the cash price and the nearby (closest to expiration) fu‑ tures contract. For example, in June the wheat basis would be calculated using the current cash price minus the July futures contract price.

    What is the difference between actual basis and cash basis? ›

    Cash basis accounting records revenue and expenses when actual payments are received or disbursed. It doesn't account for either when the transactions that create them occur. On the other hand, accrual accounting records revenue and expenses when those transactions occur and before any money is received or paid out.

    What is the actual cost in simple words? ›

    Actual cost refers to the cost which was actually spent to manufacture a product and can be calculated after the product has been produced. It includes the total that was spent for the materials, direct labor, and overhead incurred in production.

    How do you calculate the actual cost? ›

    actual cost = direct materials cost + direct labor cost + allocated overhead (labor hours x actual overhead allocation rate)

    How to define actual cost? ›

    In accounting, Actual Cost refers to the amount of money that was paid to acquire a product or asset. This could be the historical, past, or present-day cost of the product.

    What is another name for actual cost? ›

    Actual cost, also known as historical cost, is the total amount of money paid to produce, manufacture, or acquire a product or service. Actual costs can include both direct and indirect costs.

    What is the difference between baseline cost and actual cost? ›

    The cost baseline is used to compare actual costs against planned costs and to assess the overall progress of the project. The cost baseline is typically created during the planning phase of a project and is based on the project scope, schedule, and resources.

    What is the difference between probable cost and actual cost? ›

    Projected costs are the probable expenses that may occur within the business in a given time. The actual cost, on the other hand, is the exact cost that a business bear in a specified time. Collectively, both these terms are essential for your financial planning and budgeting.

    What is the difference between average cost basis and actual cost basis? ›

    Average cost method: This method takes the total cost of the shares and divides it by the number of shares. This method may be used for mutual funds and some dividend reinvestment plans. Actual cost (specific shares) method: Your cost basis is the purchase price of each share.

    What is the cost basis for dummies? ›

    Typically, when you purchase shares of stock, the cost basis is simply the price you paid for each share. Say you purchased 10 shares of XYZ for $100 per share in a taxable brokerage account. The total cost would be $1,000, and your cost basis for each individual share would be $100.

    What if cost basis is incorrect? ›

    If the cost basis information that is reported on your Form 1099-B is incorrect, you can report a correction to the IRS using Form 8949.

    What is actual cost accounting basis? ›

    Actual costing is a cost accounting method that uses actual costs, direct-cost rates, and actual quantities used in production to determine the cost of specific products. The cost of production is determined by the actual expenses incurred for materials, labor, and overhead.

    How do you calculate total cost basis? ›

    The average cost method for determining cost basis is most commonly used for mutual funds. To calculate your basis, the average cost method takes the cost of all the shares you have purchased and divides it by the number of shares.

    What happens if you don't know the cost basis of a stock? ›

    If you can't determine exactly which shares you're selling, tax rules generally require you to calculate a gain or loss as if you're selling the earliest acquired shares (sometimes referred to as the "first in, first out" method).

    How does IRS verify cost basis? ›

    The IRS expects taxpayers to keep the original documentation for capital assets, such as real estate and investments. It uses these documents, along with third-party records, bank statements and published market data, to verify the cost basis of assets.

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