The Basis for a Personal-Use Asset Converted to Business Use

question 121

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:

Immigrant

A person who moves into a country from another one to take up permanent residence.

Low Income

A term used to reference individuals or families that earn less than a certain threshold defined by governmental standards.

Incidence of Disease

The rate at which new cases of a disease occur in a population over a specified period of time.

Risk of Suicide

The likelihood that an individual will attempt to take their own life based on various personal, psychological, and situational factors.