3 results in 0.0032 seconds.
-
Section 179 Questions
My client owns a retail shop that sells outerwear and equipment. He owns the building that holds the shop and leases to another tenant within the same building. In 2016, he added a bathroom to the space one of his tenants leases. He also purchased a $35,000 truck for business use and he also added a bathroom to the building. He would like to Section... -
Partnership with loss and section 179 deduction
Hello,
I am working on a cash basis partnership return (2 partners 50/50 that materially participated) and have a question. The partnership has a net loss of $4k prior to a section 179 deduction of $9k. I know the section 179 deduction is disallowed for the partnership and carried forward to future years due to business income limitation,... -
Sec 179 and assets transferred between LLC & Sub-S in the year of original purchase
Situation: client has been a single member LLC. Over the last few years, every fixed asset bought was depreciated thru sec 179 in the year of purchase. In 2013, LLC bought additional fixed assets in the Jan-March timeframe.
Client set up a sub S corp effective 1April2013 and began doing all business in the sub S that had been done in...Last edited by mbolin2253; 05-30-2014, 10:29 AM.