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Subject Author Date
179 Carryover when incorporating xtrakmo 11-12-2007
Posted by xtrakmo on November 12, 2007, 7:36 am
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 In mid-2007, we incorporated our general partnership, and
all assets and liabilities were assumed by the corporation
(with S corporation election). How do we account for our
section 179 carryover from the partnership 2006 return?

Many thanks.
Xavier

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Posted by Benjamin Yazersky CPA on November 15, 2007, 3:00 pm
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> In mid-2007, we incorporated our general partnership, and
> all assets and liabilities were assumed by the corporation
> (with S corporation election). How do we account for our
> section 179 carryover from the partnership 2006 return?

Both partnerships & S corps are flow thru entities which do
not claim sec 179 deductions. They are passed thru to the
partners & shareholders who deduct it, subject to their own
limitations.

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----

<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by brownwp on November 22, 2007, 11:04 pm
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> Both partnerships & S corps are flow thru entities which do
> not claim sec 179 deductions. They are passed thru to the
> partners & shareholders who deduct it, subject to their own
> limitations.



If the 179 gross income test is failed at the partnership level, there
is no flow through to the partners. Instead, there is a 179 carry over
at the partnership level.

Regards,
Bill


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