@AliciaP1 Thanks very much. It is very different than I thought. But I have one more question: When I take reference for FMV of an asset I contributed, should I look for a second hand price on eBay or a new one's price is also acceptable? The reason I asking this is because you mentioned I should treat the contributed asset as never being depreciated. It sounds like the reference should be a new one too. I would like to check whether I understand it correctly.
One another reason is that TurboTax will suggest an asset will less than $200 to be recognized as an expense in the year instead of an asset to be depreciated. If I should take second hand price as the reference, some assets will than fall into this category and become expenses instead of assets in balance sheet.
