ShawnCA
Level 3
12-07-2019
12:49 AM
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Best Answer Click here
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TaxMonkey
Level 8
12-07-2019
12:49 AM
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Gross proceeds less 1/3 of the basis, assuming all of the units are substantially equal.
TaxGuyBill
Level 15
12-07-2019
12:49 AM
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Assuming all three units are the same ...
- Create a new asset using the original "placed in service" date with 1/3 of the Basis and 1/3 of the Prior Depreciation.
- Create a new asset using the original "placed in service" date with 2/3 of the Basis and 2/3 of the Prior Depreciation.
- Delete old asset.
- Enter sales information in the new asset that has the 1/3 of the Basis and Prior Depreciation.
