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Cost basis is the cost at which you entered a position or purchased an asset. It is the total price you paid for, say, your house, a stock, mutual fund, etc...--and by total we mean including all commissions, accrued interests and other expenses. Cost basis is used to determine tax liabilities.
For example, if you bought 100 shares of IBM at $111.45, and IBM is now worth $120 a share, the current value of the position is $12,000, but the cost basis is $11,145.
Do the math and you'll see this would give you a profit of $855, so, Uncle Sam's piece would be based on that.
Home / Markets / Industries / Transportation
Tuesday, March 25, 2008
Hospitality Denied: Appeals Court Overturns NY Airline Law
Associated Press
NEW YORK --A federal appeals court Tuesday struck down a state law requiring airlines to give food, water, clean toilets and fresh air to passengers stuck in delayed planes, saying the measure was well-intentioned but stepped on federal authority.
The
2nd U.S. Circuit Court of Appeals said New York's law -- the first of its kind in the country -- interferes with federal law
governing the price, route or service of an air carrier.
The law was passed after thousands of passengers were stranded
aboard airplanes for up to 10 hours on several JetBlue Airways flights at Kennedy International Airport on Valentine's Day
last year. They complained they were deprived of food and water and that toilets overflowed. A month later, hundreds more
passengers were stranded at the same airport after a daylong ice storm.
The law was challenged by the Air Transport
Association of America, the industry trade group representing leading U.S. airlines.
The court said that while the
goals of the law were "laudable" and the circumstances prompting its adoption "deplorable," only the federal government has
the authority to pass such regulations.
"If New York's view regarding the scope of its regulatory authority carried
the day, another state could be free to enact a law prohibiting the service of soda on flights departing from its airports,
while another could require allergen-free food options on its outbound flights, unraveling the centralized federal framework
for air travel," the court wrote.
Assemblyman Michael Gianaris, the prime sponsor of New York Airline Passenger Bill
of Rights, said in a statement that the ruling "is a disappointment to anyone who has suffered at the hands of airlines that
care more about profits than their customers."
"This is far from over," the Democrat said.
In a statement, the
air transport association said the ruling vindicates their position that airline services are regulated by the federal government
and that a "patchwork" of state and local measures would not benefit customers.
A recent federal report showed that
about 24 percent of flights nationally arrived late in the first 10 months of last year, which was the industry's second-worst
performance record since comparable data began being collected in 1995.
Kennedy airport had the third-worst on-time
arrival record of any major U.S. airport through October, behind the New York area's other two major airports, LaGuardia and
Newark, according to the report.
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