Discussion:Section 179 moving assets
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Discussion Forum Index --> Tax Questions --> Section 179 moving assets
| 28 November 2006 | |
| Have a client who set up a single member LLC in 2005. Reported the operations including Sec 179 deprec on his 2005 Sch C. In 2006 he established a new multi member LLC and is currently using the assets in the new multi member LLC. He has stopped using the old SMLLC for operations.
Any suggestions for reporting the removal of assets from the single member LLC (Sch C) and contributing these assets to the new multi member LLC? Thanks in advance | |
Death&Taxes (talk|edits) said: | 28 November 2006 |
| I will let the accountants handle the financial statement aspects, but assuming the assets were fully expensed, they would be contributed to the new LLC at zero basis. There would be no recapture since the assets continue to be used in business. | |
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