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Pablo Escobar
Level 2
October 10, 2023
Question

Special Depreciation in a S-Corp

  • October 10, 2023
  • 2 replies
  • 10 views

Strange situation; 60% shareholder doesn't want to take special depreciation. The 40% shareholder says he can take special depreciation proportionally to his 40% shareholding. Is it allowed by IRS?

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2 replies

abctax55
abctax55
Level 15
October 10, 2023

Nope. Such decisions are made at the entity level. 60% trumps 40%

HumanKind... Be Both
    qbteachmt
    qbteachmt
    Level 15
    October 10, 2023

    "proportionally to his 40% shareholding"

    Ha ha ha. That's a new idea I've never seen expressed. Wow.

    Since all he owns is Shares, they don't depreciate. Remind this person the corporate entity is separate from themselves.

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