Announcement

Collapse
No announcement yet.

Basis for Property transferred to LLC

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    Basis for Property transferred to LLC

    I have a client who owned a rental apartment building and then formed an LLC Partnership for the building. What would the starting basis for depreciation be? Would it continue from where it currently was at transfer or begin anew from when it was transferred?
    Tags: None
    #2
    Does IRC 722 give you the answer?

    Comment

      #3
      Depreciation continues as it was?

      Comment

        #4
        It is often referred to as "step in the shoes", meaning that depreciation continues as if nothing changed. Original Basis, original placed in service date, etc.

        Comment

          #5
          Also consider looking at TTB starting 20-13 “Partnership Basis”
          Always cite your source for support to defend your opinion

          Comment

            #6
            Who is the NEW PARTNER?
            This post is for discussion purposes only and should be verified with other sources before actual use.

            Many times I post additional info on the post, Click on "message board" for updated content.

            Comment

            Previous template Next

            Disclaimer

            Collapse

            This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

            Working...
            X