KGL19
Level 2
‎03-13-2023 06:08 PM

I have a New calendar Year LLC Client who filed a 1065 Partnership Return for tax year 2021, it received its election from IRS to become an 1120S on 1/2/22.   My question is--  1.  can i roll partnership basis into the new S-Corp.Capital Accounts  (Basis)  2 . What to do with the depreciating fixed assets--can i roll these as well? 

Any Advice. 

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sjrcpa
Level 15
‎03-13-2023 08:24 PM

 Yes basis transfers. So do assets less depreciation and everything else on the balance sheet.


The more I know the more I don’t know.
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