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Jaussi purchased a computer several years ago for $2,200 and used it for personal purposes. On November 10 th of the current year, when the fair market value of the computer was $800, Jaussi converted it to business use. What is Jaussi's tax basis for the computer?
Strict Liability
Legal responsibility for damages, or for performing a specific act, that is imposed without the need to prove fault or negligence.
Defective Condition
A state in which a product possesses an inherent flaw or deficiency that makes it dangerous or unfit for its intended use.
Strict Product Liability
A legal doctrine that holds sellers, manufacturers, or distributors liable for damages caused by defects in their products, regardless of fault or negligence.
Heat-Resistant Tiles
Materials designed to protect surfaces or structures from damage by high temperatures, often used in aerospace applications.
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