What term describes the original cost of property adjusted by certain additions and deductions?

The term that describes the original cost of property adjusted by certain additions and deductions is "Adjusted basis."

The adjusted basis is fundamental in determining the gain or loss when the property is sold. It begins with the cost basis, which typically includes the purchase price and any associated acquisition costs. Over time, the basis might be modified by additional investments made in the property, such as improvements or renovations, and can also be reduced by deductions such as depreciation. This adjusted basis reflects the true economic investment in the property at the time of sale, making it critical for accurate tax reporting.

Other terms do have specific meanings but do not capture the concept of adjusting the original cost of property. For instance, adjusted gross income refers to an individual's total gross income after specific adjustments but is unrelated to property costs. Net capital gain pertains to the profit realized on the sale of an asset after deducting the adjusted basis from the sale price, while cost basis indicates the original amount invested in the property without considering subsequent adjustments. Hence, adjusted basis is the most precise term to describe the scenario presented in the question.