lyndaj0331
Level 4
02-21-2024
01:35 PM
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I have a client that converted from a sole proprietorship to an S-Corp. She is the sole member. I have entered the disposition date of 03/27/23 on all the assets and it reduced the depreciation on the schedule C - good. However, I don't feel that this is all that I need to do. Don't I need to show that the disposition of the assets is a nonrecognition event somehow. Also, when I show that the company vehicle was disposed of on 03/27, it shows a loss. Do I enter that amount as the sale price to 0 it out? There has to be a form that I am missing that will take care of all this. I have been reading schedule C instructions and other web articles and cannot find my answer. Thank you.
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