What is the best way to set up an asset in Lacerte that was contributed to a partnership from another partnership? Under Code Section 721 there is no gain or loss on the contribution and so the new entity takes on the cost basis of the asset contributed and continues to depreciate it for its remaining life.

1. Do I enter the date of contribution or the date originally placed in service as the date placed in service.

2. Do I enter the tax basis going forward (cost less accumulated depreciation) and the remaining useful life or do I enter the total cost, accumulated depreciation and the original method and years of recovery?