beneficiaryâs share of inside basis in partnership assets and his outside basis in the partnership interest. An optional basis adjustment can increase the partnershipâs basis in property transferred upon a partnerâs death to its estate tax value. The Economic Growth
â¢ AVERMENT (noun). The noun AVERMENT has 1 sense: 1. a declaration that is made emphatically (as if no supporting evidence were necessary). Familiarity information: AVERMENT used as a noun is very rare.
Definition of Understatement. Understatement is way of speaking which minimizes the significance of something. When using understatement, a speaker or writer often employs restraint in describing the situation at hand and uses an expression with less emphasis or strength than would be expected. One very famous example of understatement occurred during a plane crash in 1982.