markon
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I've made alot of ground on this. I've recaptured depreciation as mentioned above, recorded sale of assets to self at FMV, and posted liquidating distributions ...
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Thanks for the help!
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I'm trying to determine if I will need to complete IRS form 8594 - Asset Acquisition Statement Under Section 1060.From the form instructions:Purpose of FormBoth...
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Okay that makes sense. It's all starting to come together. Thanks! I appreciate the help.
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Thanks Rick. I wasn't aware of the liquidating distribution. I would have reported that in the normal spot on Schedule K-1 line 16. It looks like I have alot of...
Activity Feed for markon
- Posted Re: Closing S-Corp - Disposing of Fully Depreciated Section 179 Assets to Self on Business & farm. January 7, 2021 4:24 AM
- Cheered Re: Closing S-Corp - Disposing of Fully Depreciated Section 179 Assets to Self for Anonymous. December 19, 2020 5:17 PM
- Posted Re: Closing S-Corp - Disposing of Fully Depreciated Section 179 Assets to Self on Business & farm. December 14, 2020 5:23 PM
- Cheered Re: Closing S-Corp - Disposing of Fully Depreciated Section 179 Assets to Self for Anonymous_. December 14, 2020 5:22 PM
- Cheered Re: Closing S-Corp - Disposing of Fully Depreciated Section 179 Assets to Self for Rick19744. December 14, 2020 5:22 PM
- Posted Re: Closing S-Corp - Disposing of Fully Depreciated Section 179 Assets to Self on Business & farm. December 14, 2020 3:10 AM
- Posted Re: Closing S-Corp - Disposing of Fully Depreciated Section 179 Assets to Self on Business & farm. December 11, 2020 5:46 PM
- Cheered Re: Closing S-Corp - Disposing of Fully Depreciated Section 179 Assets to Self for Rick19744. December 11, 2020 5:44 PM
- Posted Re: Closing S-Corp - Disposing of Fully Depreciated Section 179 Assets to Self on Business & farm. December 11, 2020 3:15 PM
- Cheered Re: Closing S-Corp - Disposing of Fully Depreciated Section 179 Assets to Self for Anonymous_. December 11, 2020 3:00 PM
- Cheered Re: Closing S-Corp - Disposing of Fully Depreciated Section 179 Assets to Self for Rick19744. December 11, 2020 3:00 PM
- Posted Re: Closing S-Corp - Disposing of Fully Depreciated Section 179 Assets to Self on Business & farm. December 11, 2020 3:34 AM
- Cheered Re: Closing S-Corp - Disposing of Fully Depreciated Section 179 Assets to Self for Anonymous_. December 11, 2020 3:26 AM
- Posted Closing S-Corp - Disposing of Fully Depreciated Section 179 Assets to Self on Business & farm. December 10, 2020 4:12 AM