Level 11
03-01-2023
05:22 PM
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In general, and I hope you get other opinions, you can report the disposition on 4797 with no gain or loss. Then next year Sch E disappears. The asset would be recorded on the 1120s. You would transfer the existing basis to the 1120s and continue the depreciation of the asset as well the rental income/expenses…
Not sure I’d offer that as a definitive answer or want to do the returns … i would have plenty of unasked q’s about the particulars.
good luck
If at first you don’t succeed…..find a workaround