new partnership


O

okietax

I have an existing client who had a sched C in 2005 that we sect 179
expensed a bunch of assets. Now he has formed a partnership 50/50 with
his brother and is using some of these assets in the partnership. His
sched C had no activity in 2006. How do I transfer the assets to the
partnership? Zero basis as his contribution with accum deprec? Do both
partners then have to recapture deprec when asset sells? Thanks
 
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