mschmidtcpa
Level 2
12-07-2019
09:23 AM
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I have a 1120S company. I have a leasehold improvement that needs to be disposed of because the lease has ended. I still have basis in the asset. Will the remaining basis flow out to the 4797 and then separately onto the K-1?
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Accountant-Man
Level 13
12-07-2019
09:23 AM
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Please edit your original post. It says "4197" not 4797.
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mschmidtcpa
Level 2
12-07-2019
09:23 AM
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Thank you
TaxMonkey
Level 8
12-07-2019
09:23 AM
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cpa4
Level 2
02-17-2020
11:56 PM
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Can anyone walk me through how to do this? I put in the disposal date of 4/29/19...normally for a fixed asset I would also enter $0 and Trade or Business, but that's not an option for a Leasehold Imrpovement
