Section 351 Transfer of Assets

[geekgirldany]

Went from sole-p to S-corp. Transfer of Assets included several pieces of equipment and cash in bank account. The equpment was depreciated out through 179 in previous years. This means that the equipment has no basis correct?

[Bird Legs]

Equip. Basis

You are correct. The assets are transferred just as they are carried on the current books
of the Sched. C.

[geekgirldany]

Thank you just double checking.