Tweety
Level 2
07-01-2020
01:02 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Can a taxpayer take full amortization for non-tangible items in the year they end being a sole proprietor to begin an LLC?
Labels
Level 15
07-01-2020
01:17 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
What kind of LLC?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
sjrcpa
Level 15
07-01-2020
01:23 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
No. The depreciable/amortizable assets move over to the LLC.
The more I know the more I don’t know.
qbteachmt
Level 15
07-01-2020
01:46 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
What is the nontangible item?
*******************************
Don't yell at us; we're volunteers
Don't yell at us; we're volunteers
claudetcb
Level 3
07-01-2020
09:15 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.