Unadjusted basis; property converted from personal use

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RS 153 - Unadjusted basis; property converted from personal use

In the case of property converted from personal use to business use or to use for profit, the basis shall be the lower of:

(1) the fair market value of such property at the time of the conversion; or

(2) the basis as otherwise determined under R.S. 47:140.

Amended by Acts 1958, No. 242, §9.


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