Business & farm

The general rule is that property distributed from an LLC taxed as a partnership "carries over" to the distributee member; holding period, method, depreciation recapture, etc.

Where this gets complicated is property in many cases gets a "substituted basis".  The adjusted basis of the property distributed needs to be compared to the basis the member has in the LLC.  In many cases, these amounts don't agree. When that occurs, you need to adjust the basis of the assets received to agree to the basis you had in the LLC.  If the accountant also did this or looked at this, then all should be fine.  If this was not done, then you need to have some professional help in getting to the correct "substituted basis" of the assets received.

I would then follow TGB's advice on how to enter the assets for the correct placed in service dates.

*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.

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