Business & farm

Your allocation of the purchase price goes to the assets that were purchased "deemed liquidation" of the 1/2 of the assets you purchased from your partner.

You don't have any start-up costs.  This is and has been an operating business; it is now just in a different entity type.

*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.