The Basis for a Personal Use Asset Converted to Business

question 89

True/False

The basis for a personal use asset converted to business use is the lesser of the asset's cost basis or fair market value on the date of the transfer or conversion.

---

Definitions:

Female Professor

A woman who holds a professorship at a college or university, engaged in teaching and often involved in research in her field of expertise.

Cross-Cultural Sensitivity

The ability to understand and appreciate cultural differences and to interact effectively with people from diverse backgrounds.

Intercultural Communication

The process of exchanging meaningful and unambiguous information between people from different cultural backgrounds.

Cultural Competency

The ability to understand, appreciate, and interact effectively with people of different cultures and socio-economic backgrounds.