L Operates a Proprietorship The Proprietorship's Combined or Total Basis in These Assets Is

question 23

Multiple Choice

L operates a proprietorship.During the year, she transferred the following assets from personal to business use: $$\begin{array}{l}\text { Asset}&\text { Cost}&\text { Market Value }\\\text { Car } & \$ 18,000 & \$ 12,000 \\\text { Land } & \$ 40,000 & \$ 50,000\end{array}$$ The proprietorship's combined or total basis in these assets is

• A)$52,000
• B)$58,000
• C)$62,000
• D)$68,000

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