When calculating capital gains on property converted from prin res to rental, do you still have to use lesser of Adj Basis or FMV for capital gains?

I purchased a house in 2005 for 190K and then turned it into a rental property in 2010 when the FMV was only 143K because I couldn't sell it. I'm now looking to sell the property and am running into a significant gain issue because the market value was so much lower in 2010.  To calculate gain on sale, do i have to continue to use the lesser of adjusted basis or FMV?