Short Tax Year

[JG EA]

Sch C part of the year and LLC taxed as Partnership the rest of the year has two short tax years.

I know what to do with this year's purchased depreciable assets in the short tax year of the partnership.

I am confused about the old assets in the Schedule C and how to get them over to the Partnership. It says that the partnership depreciates assets as if it were in the hands of the partners. So, does that mean I can enter all the old depreciation directly onto the Partnership return? Using the old dates? Of course, this will all end up as SE income.

[Bees Knees]

TTB, page 25-5 gives you an example of how to depreciate property that is contributed to a partnership or corporation under a tax free exchange. Basically, you just continue to depreciate the property as if it was not exchanged, and in the year of exchange, allocate depreciation for the year between the two entities.

[JG EA]

Thank you,

I did look for short tax year in the index, but must have missed it. Thanks!