The Basis of Personal Use Property Converted to Business Use

question 284

Multiple Choice

The basis of personal use property converted to business use is:

• A) Always the lower of its adjusted basis or fair market value on the date of conversion.
• B) Always its adjusted basis on the date of conversion.
• C) Always its fair market value on the date of conversion.
• D) Always the higher of its adjusted basis or fair market value on the date of conversion.
• E) None of the above.

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Definitions:

Supervisor

An individual who has the authority and responsibility to oversee and guide the work of others in an organizational setting.

Unionizing

The process by which workers come together to form a union in order to collectively negotiate with their employer over labor rights and conditions.

National Labor Relations Board

A U.S. federal agency responsible for enforcing US labor law in relation to collective bargaining and unfair labor practices.

Union Representation Elections

The process by which employees of a workplace vote on whether to have a union represent them in collective bargaining with their employer.