Client owns his own farm and has a partnership with his brother to run another farm. In 2007, the partnership bought a couple of tractors, which are used on the partnership's farm, and on the brothers' individual farms. The 1065 has already been prepared by someone else, without the tractors being included for depreciation. Instead, the brothers wish to each depreciate a 1/2 interest of each tractor on their individual Sched F. If the depreciation is taken on the 1065 or Sched F, the bottom line(taxes owed) will be the same. My question is: Is it permissible for partners to depreciate property owned by the partnership but used on their own farms on Shed F?
Thank You
Thank You
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