Hi all,
So I purchased and gifted equipment and raw materials to a friend's LLC to help
start her candle making business. Can she put these down as assets and claim deductions?
Thank you all for your time and help.
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Yes, but she has to use the lesser of your basis (most likely what you paid) or the fair market value at the time of the gift.
Yes, but she has to use the lesser of your basis (most likely what you paid) or the fair market value at the time of the gift.
Thank you for the prompt response! appreciate it.
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