lyndaj0331
Level 4

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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