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Where does Accumulated Depreciation and Financial Gain/Loss information goes when an asset that was sold to one of the partners

Help5
Level 1

Several business assets were sold during the year. A schedule attached to the partnership’s financial statements provides these details:

 

 

Asset

 

Date Sold

 

Sales Price

 

Cost

Accumulated Depreciation

Financial Gain/(Loss)

Land

* 03/12/21

$  47,424

$  59,280

$       -0-

($11,856)

Buildings

* 03/12/21

32,026

35,568

5,632

2,090

M&E (Acq. 2017)

** 04/20/21

5,928

35,568

14,227

(15,413)

M&E (Acq. 2019)

** 04/20/21

    23,698

    23,712

    5,335

      5,321

  Totals

 

$109,076

$154,128

$25,194

$(19,858)

 

      * The land and buildings were sold to Simon Jones for independently appraised fair market values. Both assets were acquired on 10/01/94.

      ** All machinery and equipment disposed of during the year were sold to an unrelated third party.

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5 Comments 5
abctax55
Level 15

Guess school has started????

 

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
IRonMaN
Level 15

Looks like it ----------------- unless Simon steps in and tells his tax preparer to stop posting his name to an open forum. 😉


Slava Ukraini!
Help5
Level 1

Not Helpful @IRonMaN @abctax55 

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abctax55
Level 15

@Help5 

Verify/confirm you are a professional tax preparer (as is 'supposed' to be required when joining this Forum) and we might be more helpful.   H*(( - I'd even apologize 😉

This looks suspiciously like a homework question... unless by some bizarre coincidence "Simon Jones" really IS your client.   And if so, posting a client's real name on a public forum is a a MAJOR ethics mistake.

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
IRonMaN
Level 15

@Help5  thanks for the helpful information.  Actually, just today I was just contemplating changing my name from IRonMan to NotHelpul, but after seeing your post I didn't want to possibly confuse the other professional tax preparers here wondering whether it is me or you posting.   But SimonJones appears to be open, so maybe I'll apply for a name change to that.  Do you know what form I need to submit to accomplish that?


Slava Ukraini!