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Level 3
December 7, 2019
Solved

Disposition w/Sec 179 Deducted

  • December 7, 2019
  • 4 replies
  • 13 views
How to override the automatic allocation in an 1120S to all shareholders (members) when the Sec 179 recapture on dispsition of assets should only go to one shareholder?
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Best answer by George4Tacks

I could not find for Lacerte, but I assume the same applies https://accountants-community.intuit.com/articles/1609957-1120s-special-allocations

4 replies

Level 15
December 7, 2019
Can you clarify why it should all go to only one shareholder?
fjkcpaAuthor
Level 3
December 7, 2019
Assets purchased when it was a single member LLC.
sjrcpa
Level 15
December 7, 2019
It doesn't matter now.
The more I know the more I don’t know.
George4Tacks
Level 15
December 7, 2019

I could not find for Lacerte, but I assume the same applies https://accountants-community.intuit.com/articles/1609957-1120s-special-allocations

Answers are easy. Questions are hard!