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Depreciation of assets when closing a company

Level 1

What do you do with the remaining balance of an asset that has not been fully depreciated when filing a final K-1?  

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4 Replies 4
Level 15

 What happened to the asset?

And, what happened to the fully depreciated assets?

Level 1

The client may use them in a new business they are contemplating starting, but that is on hold at this time.

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Level 13

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).

Level 1

It is an S-Corporation.

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