Louisiana Revised Statutes 47:153 – Unadjusted basis; property converted from personal use
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Terms Used In Louisiana Revised Statutes 47:153
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
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 La. Rev. Stat. 47:140.
Amended by Acts 1958, No. 242, §9.