Tweety
		
		
		
		
		
		
		
		
	
			
		
		
			
					
		
	
	
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		07-01-2020
	
		
		01:02 PM
	
	
	
	
	
	
	
	
	
	
	
	
	
	
		
	
				
		
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Can a taxpayer take full amortization for non-tangible items in the year they end being a sole proprietor to begin an LLC?
		
			
				
						
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			Level 15
		
	
				
		
	
		
			
    
	
		
		
		07-01-2020
	
		
		01:17 PM
	
	
	
	
	
	
	
	
	
	
	
	
	
	
		
	
				
		
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What kind of LLC?
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			sjrcpa
		
		
		
		
		
		
		
		
	
			
		
		
			
					
		
	
	
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		07-01-2020
	
		
		01:23 PM
	
	
	
	
	
	
	
	
	
	
	
	
	
	
		
	
				
		
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No. The depreciable/amortizable assets move over to the LLC.
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			qbteachmt
		
		
		
		
		
		
		
		
	
			
		
		
			
					
		
	
	
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		07-01-2020
	
		
		01:46 PM
	
	
	
	
	
	
	
	
	
	
	
	
	
	
		
	
				
		
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What is the nontangible item?
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			claudetcb
		
		
		
		
		
		
		
		
	
			
		
		
			
					
		
	
	
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		07-01-2020
	
		
		09:15 PM
	
	
	
	
	
	
	
	
	
	
	
	
	
	
		
	
				
		
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Only if there is positive net basis of the amortizable item. Recall that you have already claimed amortization expense in prior years; you cannot duplicate that by restoring the original cost of the amortizable item. That would be double dipping, and cause for an audit.