Question
Partnership contributed depreciated property
I have a new partnership that formed using equipment previously depreciated by the partners. The fair market value of the equipment is $281,500 and my adjusted basis is $53,123.
My issue is the balance sheet and where to account for the unrealized gains that are a contra to the previous accumulated depreciation. In Lacerte I don't know where to account for these so the balance sheet matches. The assets are low on the 1065 for tax purposes, do I make an entry in "other assets" for the unrealized built-in gains?
I have put all the equipment with built-in gains on screen 32.1 under the contributions and allocated the contributions in screen 28 for property contributed. I am lost from here how to make it balance, help!
