Catherine Travis is starting a new business. She has several assets that she wants to use in her business that she has been using personally. Since she plans to convert several assets from personal to business use, she will need to find out how much each asset is worth so she can determine her basis for depreciating the assets. Catherine has decided that getting an appraisal would be too costly so she simply uses her cost basis for the assets. What do you think of Catherine's strategy for determining her business asset bases?

1. State the issue
2. State your conclusion based on your findings
3. Provide an analysis explaining why you believe your findings address the question at hand
4. Provide proper tax research citations in your analysis.

PLEASE provide citation as to where you found the information.