Discussion:Fixed Asset Recovery Period

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Discussion Forum Index --> Advanced Tax Questions --> Fixed Asset Recovery Period


Discussion Forum Index --> Tax Questions --> Fixed Asset Recovery Period

Geopv (talk|edits) said:

28 February 2012
Question is recovery period for property transfered from S-Corp to Sch C:

Calendar Year S Corp – liquidated 7/31/11
Transferred Assets to Schedule C – (Same Business, name location etc. just liquidated S-corp. and changed structure)

5 Year Capital Asset on S-Corp w/ 3 years depreciation claimed, when transfer to Sch C – Do you take NBV (which is assumed = to FMV) at s-Corp dissolution, and depreciate over new 5 year period, or can you take remaining NBV over 2 years as if S-Corp never dissolved.

Any input and references would be greatly appreaciated.

Thank you

Coddington (talk|edits) said:

28 February 2012
You might try looking at Sec. 168(i)(7).

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