§153.  Unadjusted basis; property converted from personal use

In the case of property converted from personal use to business use or to use for profit, the basis shall be the lower of:

(1)  the fair market value of such property at the time of the conversion; or

(2)  the basis as otherwise determined under R.S. 47:140.  

Amended by Acts 1958, No. 242, §9.