Investors & landlords

This is your second property contribution question.  Partnership tax gets complicated quickly, and as a result, you should probably get some professional input so you get started down the right path.

Since I am not in a Windows environment, I can't see where TT is going with the question.

There are many issues that come into play when contributing property to a partnership:

• There are essentially two sets of books, and maybe three, that need to be maintained when dealing with a partnership
  • There is the economic set of books (also known as Section 704(b) books)
  • There is the tax set of books
  • Then your normal accounting set of books. 
• As a result of bullet number 1, I don't know which figure TT is wanting when asking the question; it could be FMV (which drives the economics of the deal), or it may be your adjusted basis of the property contributed.  Possibly @Anonymous_ can provide guidance as to where this question leads to within TT.
• One item and additional complexity that was not noted in the previous response to your post, is that while contributed property is a step into the shoes transaction (adjusted basis, same depreciation method, etc.), the partnership needs to also take into account the difference between FMV and the adjusted basis of property contributed.  This will most likely result in a special allocation as a result of Section 704(c).  This difference is the built-in gain to the contributing partner and the expected depreciation for the noncontributing partner.  This is an annual adjustment (allocation) and needs to be tracked along with a special allocation.  This complexity is another reason that it is best to get some professional support in getting this set up correctly when property is contributed.