Which of the following is NOT part of the cost basis?

The cost basis of a property represents the total amount invested in it for tax purposes. This measure includes various components that are directly related to the acquisition and enhancement of the property.

Cash paid for the property is part of the cost basis as it reflects the actual monetary investment in the asset. Similarly, the cost of improvements made to the property is included because these expenses increase the property's value and can contribute to future gains. Additionally, the market value of services rendered that contribute to the acquisition or improvement of the property can also be included, as these services add to the total investment.

In contrast, future earnings from the property are not considered part of the cost basis. Future earnings represent potential income that the property may generate after its purchase or improvement, but they do not reflect the actual cost incurred to obtain or enhance the property. The cost basis is strictly tied to expenses that have already been incurred and does not account for anticipated future revenues. This essential distinction clarifies why future earnings do not form part of the cost basis.