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. An understatement is a literary device in which a writer or speaker attributes less importance or conveys less passion than the subject would seem to demand. Understatement is often used for comic effect. For example, Mark Twain states, A soiled baby, with a neglected nose, cannot be conscientiously regarded as a thing of beauty.. Understatement is also used to downplay the effect of facts, as when a totaled car is described as having a few dents.. A related term, litotes, conveys understatement through a negative construction.