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chiodoinc
Level 5
August 5, 2024
Question

How do I record assets if the business goes from a partnership to a corporation with no change in officers?

The partnership has a few assets that remained in the business so I am not sure how to log them on the new depreciation report on the 1120?
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5 replies

IRonMaN
IRonMaN
Level 15
August 5, 2024

Is it a partnership that elected to be taxed as a corporation or is it a whole new entity?

Slava Ukraini!
    chiodoincAuthor
    Level 5
    August 5, 2024

    It is a whole new entity.  

    IRonMaN
    IRonMaN
    Level 15
    August 5, 2024

    You can keep depreciating from where the partnership left off.

    Slava Ukraini!
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