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The basis of property converted from personal-use to business-use is the a. Fair market...

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Question

Accounting

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

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