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We converted from an S Corporation to an LLC filing as a partnership - how can I import the depreciation details from the S corportation on Intuit Tax Connect?

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Level 15

One doesn't *convert* from an S Corp to an LLC/partnership.

You have a liquidation of the S Corp, with the assets effectively *sold* at Fair Market Value (FMV) with any resulting gains taxable to the shareholder(s).

Those folks can then contribute the assets at FMV to the LLC.

Former Chump... umm.... AllStar.
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Level 15

PTO has no import/export feature for depreciation (Like Lacerte does).

FYI - Pub 3402 https://www.irs.gov/publications/p3402#en_US_201606_publink1000245860

Corporation to partnership. 

An election to change classification from a corporation to a partnership will be treated as if the corporation distributed all of its assets and liabilities to its shareholders in liquidation and the shareholders then immediately contributed all of the distributed assets and liabilities to a new partnership.

For more information, see Contribution of Property in Pub. 541 and Distributions to Shareholders in Pub. 542.

Just be sure you meet the time constraint of 60 months. 

 


ex-AllStar