new partnership

Taxes General Forum - Tax professionals meeting place and answers to queries. (Moderated) 

Yahoo!   Google   Windows Live   del.icio.us   digg   Netscape

Subject Author Date new partnership okietax 04-12-2007
Posted by okietax on April 12, 2007, 12:25 am Please log in for more thread options I have a client that had a Sched C in 2005 where we Sect 179 expensed several assets. In 2006 he formed a partnership 50/50 with his brother and is using these assets. How do I transfer them to the partnership? Are they part of his initial contribution with a zero basis and accumulated depreciation? Does the partnership have to recapture depreciation and incur a gain if they sell the asset? The Sched C had no activity in 2006. Thank you for any help. << ------------------------------------------------------- >> << 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 (2006) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted Partnership K-1 January 4, 2007, 8:54 pm LLC (Partnership) Tax Questions November 7, 2006, 8:19 am individual 401(k) in partnership February 6, 2007, 9:58 pm Reporting of partnership February 27, 2007, 4:14 pm LLC taxation as a partnership May 29, 2007, 10:45 pm Re: LLC taxation as a partnership June 12, 2007, 1:07 am Re: LLC taxation as a partnership June 21, 2007, 5:44 pm Partnership Distribution - Not on K-1 October 8, 2007, 6:43 pm Re: Partnership Distribution - Not on K-1 October 9, 2007, 8:28 pm Do I have to file Partnership K-1 ? January 18, 2008, 7:36 pm