My dad and I had a flooring business partnership that dissolved in December because my dad retired. I changed my entity to a sole proprietor because in California there are no single member partnerships.
For the final business tax return, how do I go about transferring the partnership assets (tools, vehicle, equipment) without having to pay back recapture on previous sec. 179 deductions that haven't fully depreciated? I am not selling, giving away, or disposing of anything. Just using them as a sole proprietor now.
