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akam
Level 2
December 7, 2019
Solved

How do you treat undepreciated portion of an asset(s) on final 1065(LLC)? Do you just force/override to expense it all?

LLC in question is not ceased, it files final because it became disregarded for tax purposes and now consolidates books with single member; however, assets on 1065 are not used by single member due to changes in operations. 

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TaxMonkeyAnswer
Level 7
December 7, 2019

Whatever actually happened with the assets will govern how they are treated on the tax return.  If they were thrown away then that would be a sale for zero gross proceeds.  If they became the property of the former partner then that would be a distribution.

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TaxMonkeyAnswer
Level 7
December 7, 2019

Whatever actually happened with the assets will govern how they are treated on the tax return.  If they were thrown away then that would be a sale for zero gross proceeds.  If they became the property of the former partner then that would be a distribution.

akamAuthor
Level 2
December 7, 2019
Make sense. Thank you!
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