Discussion:1065 sch K allocation of depr due to 704(b)
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Discussion Forum Index --> Advanced Tax Questions --> 1065 sch K allocation of depr due to 704(b)
Discussion Forum Index --> Tax Questions --> 1065 sch K allocation of depr due to 704(b)
| 17 June 2008 | |
| I am about to finish up a partnership return I have been working on. They are maintaing their capital accounts according to 704(b) and each K-1 has been marked as such. The reason for this is an asset was contributed with FMV higher than adjusted basis.
My question concerns schedule K. I am not sure what and where to report the information on the schedule K of the 1065 return regarding this issue. I know I adjust for this in the partners capital accounts of his K-1 and also box 1 ordinary income is adjusted for the allocation of depreciation as well. I have book depreciation for 600 and tax depreciation of 250. So again I am unclear how to report this information on the schedule K itself. Your help in this matter is appreciated. | |
| 17 June 2008 | |
| Please not the depreciation amounts are for that asset only. I am not sure if that makes a difference. | |
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