The complexities of this are brain bending, considering you're trying to deal with this in a text based communications medium of this public forum. I would highly suggest you seek professional help. One of those complexities deals with depreciation. For example, 100% of the property owned by the holding company is depreciated in it's entirety is depreciated over 39 years, assuming it's rented as commercial real estate. The property sub-leased out by the other company isn't depreciated at all, because the other company doesn't own it. A person or entity can not depreciate that which they do not own.
