TaxGuyBill
Level 15
08-11-2022
03:44 PM
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Maybe I'm wrong, but S-corporations don't have the step-in-the-shoes depreciation like Partnerships do, right?
In other words, doesn't the S-corporation start depreciating just like any other new property, with the current Adjusted Basis and the current date (not the previous Partnership's date) as the "placed in service" date?
Or am I wrong about that?