Business & farm

No.  Always keep in mind that you can generally only take expenses in the year incurred.

Start up costs are incurred before the business has begun; market analysis, advertising before the business opens, training employees before the business opens, consulting fees, etc.

If this is not going to be a hobby, then you contribute the assets at your cost basis, then you could take a Section 179 expense election or depreciate them.  You would want to think this through; will you benefit from the entire expense deduction or will you be limited under the at-risk rules.

Additionally, the cost of the assets you contribute provides you with basis and at-risk.  Make sure you maintain a basis schedule from the beginning so you know what your basis is at all times.  This is very important and something that is not handled correctly in many instances.

See the attached IRS publication as this may provide you with some guidance:

<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/p334.pdf">https://www.irs.gov/pub/irs-pdf/p334.pdf</a>
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.