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Question 14 (1 point) When the taxpayer's adjusted basis in converted property exceeds its fair market value at the time it is converted, the taxpayer's
Question 14 (1 point) When the taxpayer's adjusted basis in converted property exceeds its fair market value at the time it is converted, the taxpayer's depreciable basis in the property equals the taxpayer's adjusted basis in the property. 1) True 2) False Question 15 (1 point) When the taxpayer's adjusted basis in converted property is greater than its fair market value at the time it is converted, the taxpayer's basis in the property cannot be determined until the property is later sold. 1) True (2) False
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