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Music. Good morning everyone, and welcome to today's class called "Basis of Assets". This is a pretty important topic and a topic that often confuses people, especially our tax clients, but also, too often, tax preparers themselves. So, we're going to spend lots of time going through all the intricacies of figuring out the basis in assets, and we're going to begin on page 2 of the manual with an introduction. This is essentially a description of my own summation of the meaning of basis of assets. It's not like that IRS definition, it's just how I tend to think of it. Basis is the amount of after-tax cost or investment that you have in property. For tax purposes, basis is used to figure deductions you are allowed to claim for depreciation, amortization, depletion, and casualty losses. The basis of property is used to figure your gain or loss on the sale of property. And if you sell a capital asset, then the sale of that asset is generally reported on form 8949 and on Schedule D. Today's class is not a class about selling assets, so we're not really going to be spending any time focusing on 8949 and Schedule D. But it's pretty hard to talk about basis of assets without referencing those forms. So, I will come back and forth to them a little bit, but without ever really giving an in-depth lesson on how to complete those. And the reason for that is, those forms are covered in detail in other courses in our curriculum. That is specific north of tactical of curriculum, and will actually be covering the sale of assets next week in our CTE series. So, let's look at a definition for capital asset. We're just covering some definitions here because as you're reading through...