Which of the following statements is true? The basis for a personal use asset converted to business use is the greater of the asset's cost basis or fair market value on the date of the conversion. An asset becomes eligible for cost recovery when it is purchased rather than when it is placed in service. O Amounts that are expensed under Section 179 reduce the asset's basis for purposes of calculating any other forms of cost recovery such as MACRS and bonus depreciation. O Cost recovery deductions are allowed for personal use assets