8. [LO3] Describe assets that are considered to be listed property. Why do you think Congress requires them to be listed"? 9. [LO 4) What is a $197 intangible? How do taxpayers recover the costs of these intangibles? How do taxpayers recover the cost of a $197 intangible that expires (such as a covenant not to compete)? 3. [LO 1] Compare and contrast the basis of property acquired via purchase, conversion from personal use to business or rental use, a tax-deferred exchange, gift, and inheritance. Basis Rules Acquisition Type Purchase Conversion from personal use Non-taxable exchange Gift Inheritance