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A
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?

  • December 7, 2019
  • 1 reply
  • 17 views

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. 

This topic has been closed for replies.
Best answer by TaxMonkey

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.

1 reply

T
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.

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