Tax on SFH converted to Rental

[Matt Madalis]

I bought a SF townhouse in mid-2008 as a primary residence, after living in it for 5 years we converted to a rental in 2013.

Since the fair market value at the time of conversion was less than the purchase price does that have any effect on gains/losses when I eventually sell?

For example, if purchase price was 300K, my fair market value when converted to rental is 260K, if I sell for 280K do I pay tax on the on the gain and does the original purchase price have any bearing on the final price when selling?