Is my CPA wrong on advising me that I won't have capital gains on assets expensed under the safe harbor rules?
You don't have depreciable assets since you deducted the total cost as an expense. If you sell the item now for more than zero all of the sales price is simply regular income to the business.
Or are you disagreeing with the advice to switch from an S Corp to an LLC with an S Corp election? Worse advice ever since they are both exactly the same for federal income tax purposes so why would you change for no reason ?
