Question: Basis of Property Converted from Personal Use. Irene owns a truck costing $15,000 and used for personal activities. The truck has a $9,600 FMV when

Basis of Property Converted from Personal Use. Irene owns a truck costing $15,000 and used for personal activities. The truck has a $9,600 FMV when it is transferred to her business, which is operated as a sole proprietorship. a. What is the basis of the truck for determining depreciation? b. What is Irenes realized gain or loss if the truck is sold for $5,000 after claiming depreciation of $4,000

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