When a former principal residence is converted into a rental property, the initial tax basis calculating any later loss on sale is:

A. the property's basis on the conversion date under the normal basis determination rule:

b. Always the property's fair market value (FMV) on the conversion date.

c. The lesser of: (1) the property's basis on the conversion date under the normal rule, or (2) the property's FMV on the conversion date

d. The property's insured value on the conversion date

c. the

basis on the