Discussion:Ptr depreciation
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| What about another sole proprietor who sold 50% of his business for a cash payment? The new partner wants to know if he gets a deduction for his half of the equipment he bought. | What about another sole proprietor who sold 50% of his business for a cash payment? The new partner wants to know if he gets a deduction for his half of the equipment he bought. | ||
| - | Can you reccommend a good resource to find answers to these types of situations? | + | Can you recommend a good resource to find answers to these types of situations? |
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Revision as of 15:21, 11 October 2006
Discussion Forum Index --> Tax Questions --> Ptr depreciation
| 11 October 2006 | |
| I don't do many 1065's. I have a client that sold a 30% share of his sole proprietorship to his son. To pay for his share, the son was required to build a new shop for the business. The shop is considered to belong to the partnership. The shop represents about 30% of the value of the assets of the business. Who deducts the depreciation for the shop? The son, who paid for it, or the partnership, where it will be split 30-70 like everything else on the return?
What about another sole proprietor who sold 50% of his business for a cash payment? The new partner wants to know if he gets a deduction for his half of the equipment he bought. Can you recommend a good resource to find answers to these types of situations? | |
