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Get your taxes done using TurboTax
1. The Multi member LLC files in Virginia and receives income from the C corpwhich files in Oklahoma. If the C corp pays taxes in Oklahoma then that is all that needs to be done. If the C corp passes the income through to the LLC then the LLC will need to file in Oklahoma as well.
2. The crypto mining equipment was purchased by the C corp which is where it will be depreciated. What federal forms it should file depends on how you have set it up - it will either file form 1120 or form 1120-S.
3. It should begin depreciation in the year of purchase. You won't qualify for any bonus depreciation since you have no income from the equipment yet.
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‎April 7, 2023
12:46 PM