Melt butter in a medium saucepan over medium to high heat, and stir in the rice. Cook rice, stirring about 2 minutes.
Mix chicken broth, lemon juice, dried basil, salt, and pepper into the rice. Cover, and reduce heat to simmer. Cook about 20 minutes, until liquid has been absorbed. Uncover and fluff with a fork and let stand for 10 minutes. Fluff with fork again just befor serving.
You can add additional salt and fresh cracked pepper to taste.