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Level 2
July 27, 2021
Question

The Corporation closed in March of 2020 but the building assets are still in the building which is trying to be sold. Not sold yet. What I do about the depreciation

  • July 27, 2021
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1 reply

sjrcpa
Level 15
July 27, 2021

Stop depreciation since the assets are no longer being used.

Does the corporation own the building, too?

If no, did the corporation cease business operations and abandon the assets in the building?

The more I know the more I don’t know.