What do you do with the remaining balance of an asset that has not been fully depreciated when filing a final K-1?
What happened to the asset?
And, what happened to the fully depreciated assets?
The client may use them in a new business they are contemplating starting, but that is on hold at this time.
And is this a Partnership or is it a S-corporation?
Edit ... Shoot, I avoid answering things like this ... most likely a do-it-yourselfer (first post and just said "K-1" rather than Partnership or S-corporation).
It is an S-Corporation.