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:

Adjunct

An additional or auxiliary component, often referring to part-time or temporary positions, especially in teaching roles.

Letter of Recommendation

A letter written by a person who knows the job or academic candidate and can vouch for their abilities and character.

Provost

A senior administrative officer in certain educational institutions, typically responsible for academic affairs.

Speak to the Instructor

Refers to the act of communicating directly with a teacher or professor about concerns, questions, or topics related to the course.