Where does Accumulated Depreciation and Financial Gain/Loss information goes when an asset that was sold to one of the partners

[Help5]

Several business assets were sold during the year. A schedule attached to the partnership’s financial statements provides these details:

Asset	Date Sold	Sales Price	Cost	Accumulated Depreciation	Financial Gain/(Loss)
Land	* 03/12/21	$  47,424	$  59,280	$       -0-	($11,856)
Buildings	* 03/12/21	32,026	35,568	5,632	2,090
M&E (Acq. 2017)	** 04/20/21	5,928	35,568	14,227	(15,413)
M&E (Acq. 2019)	** 04/20/21	23,698	23,712	5,335	5,321
Totals		$109,076	$154,128	$25,194	$(19,858)

      * The land and buildings were sold to Simon Jones for independently appraised fair market values. Both assets were acquired on 10/01/94.

      ** All machinery and equipment disposed of during the year were sold to an unrelated third party.

[abctax55]

Guess school has started????

[IRonMaN]

Looks like it ----------------- unless Simon steps in and tells his tax preparer to stop posting his name to an open forum. 😉

[Help5]

Not Helpful @IRonMaN @abctax55 

[abctax55]

@Help5 

Verify/confirm you are a professional tax preparer (as is 'supposed' to be required when joining this Forum) and we might be more helpful.   H*(( - I'd even apologize 😉

This looks suspiciously like a homework question... unless by some bizarre coincidence "Simon Jones" really IS your client.   And if so, posting a client's real name on a public forum is a a MAJOR ethics mistake.

[IRonMaN]

@Help5  thanks for the helpful information.  Actually, just today I was just contemplating changing my name from IRonMan to NotHelpul, but after seeing your post I didn't want to possibly confuse the other professional tax preparers here wondering whether it is me or you posting.   But SimonJones appears to be open, so maybe I'll apply for a name change to that.  Do you know what form I need to submit to accomplish that?