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If Property Is Converted from Personal-Use Property to Business Property,the

Question 41

Multiple Choice

If property is converted from personal-use property to business property,the depreciable cost basis is which of the following?


A) Cost of the asset.
B) The cost of a new similar asset at the date of conversion.
C) FMV of the asset.
D) The lower of the cost or FMV at the date of conversion.

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