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When I transferred assets from my dissolved LLC to my c-corp, do I choose that this was sold, given away, etc?
Something still considered an asset in 2016 if you only have bought the parts and the actual asset (machine) wasn't assembled until 2017?
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June 4, 2019
4:45 PM
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Business & farm
Yes, to the first question. You must click that box to remove the asset from your business.
No, to the second question. You cannot begin depreciation until the asset is placed into service of the business. Until it is assembled and ready to work in your business it cannot be depreciated.
June 4, 2019
4:45 PM