Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

How do you treat undepreciated portion of an asset(s) on final 1065(LLC)? Do you just force/override to expense it all?

akam
Level 1

LLC in question is not ceased, it files final because it became disregarded for tax purposes and now consolidates books with single member; however, assets on 1065 are not used by single member due to changes in operations. 

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

1 Best Answer

Accepted Solutions
TaxMonkey
Level 8

Whatever actually happened with the assets will govern how they are treated on the tax return.  If they were thrown away then that would be a sale for zero gross proceeds.  If they became the property of the former partner then that would be a distribution.

View solution in original post

0 Cheers
2 Comments 2
TaxMonkey
Level 8

Whatever actually happened with the assets will govern how they are treated on the tax return.  If they were thrown away then that would be a sale for zero gross proceeds.  If they became the property of the former partner then that would be a distribution.

0 Cheers
akam
Level 1
Make sense. Thank you!
0 Cheers