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Amortization

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Level 2

Can a taxpayer take full amortization for non-tangible items in the year they end being a sole proprietor to begin an LLC?

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Level 15
Level 15

What kind of LLC?


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Level 15

No. The depreciable/amortizable assets move over to the LLC.


ex-AllStar
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Level 12

What is the nontangible item?

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Level 3

Only if there is positive net basis of the amortizable item. Recall that you have already claimed amortization expense in prior years; you cannot duplicate that by restoring the original cost of the amortizable item. That would be double dipping, and cause for an audit.

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