Final post on this. TurboTax Business needs for business asset additions to include a method to enter contributed assets to a partnership or LLC that allows carryover basis information with a caveat that in certain cases the addition may have additional tax consequences to the owners that are not handed by TT businessand professional tax advice sought.
The final result of this exercise is that you can't enter a carryover basis asset contributed to the LLC and have TT business calculate the either the correct depreciation amount or accept a forced accumulated depreciation amount. Until fixed, you have to pick one or the other, and the best is to have the correct current depreciation amount and have a spreadsheet to account for the accumulated depreciation and remaining life.
