lauriem33
Level 4
12-07-2019
08:08 AM
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A MMLLC filing form 1065 is paying off the mortgage on land held by a foreign corporation. Both corps have the same shareholders. Do I deduct interest and depreciate closing cost on the US corp? Can I enter the value of the land on the balance sheet? I know there won't be depreciation on the land and I think I need a form 3520. Does this sound right to everyone? thanks
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