The basis of property converted from personal-use to business-use is the a. Fair market value to...
The basis of property converted from personal-use to business-use is the
a. Fair market value to calculate depreciation and the adjusted basis to calculate gain or loss
b. Greater of the adjusted basis or fair market value on the date of conversion
c. Lesser of the adjusted basis or fair market value on the date of conversion
d. Purchase price
Homework Answers
If we convert property from personal use to business use then the basis will be the : lower of
(a) Fair market value at the time of conversion or
(b) The cost plus any additions or improvements minus any deducted casualty losses up to the time of conversion.
Ans:- (C) Lesser of the adjusted basis or fair market value on the date of conversion.
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