The basis of personal use property converted to business use is:
A)Always the lower of its adjusted basis or fair market value on the date of conversion.
B)Always its adjusted basis on the date of conversion.
C)Always its fair market value on the date of conversion.
D)Always the higher of its adjusted basis or fair market value on the date of conversion.
E)None of these.

Question

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The Answer of The basis of personal use property converted to business use is:
A)Always the lower of its adjusted basis or fair market value on the date of conversion.
B)Always its adjusted basis on the date of conversion.
C)Always its fair market value on the date of conversion.
D)Always the higher of its adjusted basis or fair market value on the date of conversion.
E)None of these.

The Basis of Personal Use Property Converted to Business Use