Beulah's Personal Residence Has an Adjusted Basis of $450,000 and a Fair

question 151

True/False

Beulah's personal residence has an adjusted basis of $450,000 and a fair market value of $390,000.Beulah converts the property to rental use on November 1, 2012.The vacation home rules that limit the amount of the deduction to the rental income will apply and the adjusted basis for depreciation is $390,000.