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Posted by okietax on April 12, 2007, 12:25 am
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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.
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