sole prop to s-corp

[Possi]

I incorporated in March and will need to do my first corp return. I have a study course to do and will attend a computer class by Taxwise in September.
I have equipment that will need to be moved under the corporation. Most has been sect 179'd but some is still being depreciated. There is not much here, as I am "just me" running this biz with basic equipment, no "fluff." Will I do the depreciation just like any other, picking up where it left off... adjusted basis for depreciated amount, etc?

Also, my office is in my home, and I will be moving before the end of the year from owned house to rented apt. Will I be able to expense the moving of my office, at least?
Thanks,
~possi

[jainen]

the only shareholder

Since you are the only shareholder, the corporation will start a new depreciation schedule using your adjusted basis, and the same number will go into your basis in the corporate stock. You do not report gain or loss, except I'm not sure if the corp doesn't actually issue stock.

[jimmcg]

Sec 351

Might want to read up on Sec 351 transfer of assets to Corp. for stock. Requirements for non taxable qualification, basis of assets to Corp., and holding periods are in Tax Book or just "google it."

[Possi]

Thanks!

I appreciate the assistance!