Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProConnect Tax
- :
- ProConnect Tax Discussions
- :
- Prior C Corp assets with 179 - Disposition with Prior Section 179 Does Not Produce a Form 4797 for prior C-Corp assets in anS-Corporation
Prior C Corp assets with 179 - Disposition with Prior Section 179 Does Not Produce a Form 4797 for prior C-Corp assets in anS-Corporation
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
christiwoods24
Level 1
05-17-2020
10:31 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I understand why this occurs for S-Corp assets that had 179 that flowed through to shareholders. However, why would this occur for assets that were in a prior C-Corporation that was converted to an S-Corp at a later date? 179 was NOT flowed through based on in-service dates compared to S-Corp Conversion Dates.
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
1 Comment 1
christiwoods24
Level 1
05-17-2020
10:49 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Answered my own question - FMV and adjusted basis at the time of conversion must be entered in order for the asset to be reported on 4797 as a prior C-Corp asset subject to built-in gains.
🙂
