If Property Is Converted from Personal-Use Property to Business Property,
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) FMV of the asset.
C) The cost of a new similar asset at the date of conversion.
D)The lower of the cost or FMV at the date of conversion.
The adjusted basis of an asset is:
A) The cost basis less any accumulated depreciation.
B) The cost of the asset.
C) The fair market value of the asset.
D)The trade-in value of the asset.
Which of the following properties is not eligible for the §179 expense election when purchased?
A) A business automobile.
B) A business computer.
C) Rental property.
Under MACRS, 5-year property includes:
B) Apartment complex.
C) Automobiles and light trucks used in a trade or business.