You terminated the business, not sold the business or disposed of the business assets. You may choose to retain the assets may be retained as partially depreciated.
For instance, camera A purchased for $500 with $200 in depreciation leaves a $300 cost basis in the asset. If the asset is later sold, the $300 would be the cost basis.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
