RobertB4444
Expert Alumni

Business & farm

No.  Those aren't your books on that tax return.  Those are the books according to the tax basis of all of your assets.  The books have to reflect the tax values of all of the assets.  They should match what the IRS has.

 

I would suggest an adjusting entry for your books for this year that gets your asset values to match the tax return values.  Call the adjusting entry "Late 179" or something.

 

@klj102471 

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