How to set depreciable assets from a dissolved LLC partnership to to a Schedule C single member LLC

[leeburke]

I have a Partnership that dissolved on 6/30/2020. All assets were distributed to the 2 partners. One partner then sold his assets to the other who went on and continued the business as a single member LLC. My idea to set up the assets on the Sch C was to continue depreciating the assets by using the original Date Acquired and  Date placed in service, but how do I adjust for the half year depreciation that the partnership recognized. Or do I set the assets up with a new placed in service date of 7/1/2020 and net amount of (Original cost less accum deprec) thru 6/30/2020. 

[jeffmcpa2010]

I believe the assets he received from the partnership distribution - using the original date and cost, as well as the accumulated depreciation as of 6-30. You likely have to override the Depreciation Expense for the current year to make the amount the LLC took plus your Client to equal the correct annual depreciation.

I would set up the purchased assets as purchase June 30, or July 1(or whatever) and take the regularly computed depreciation. These MIGHT not be qualified for Bonus depreciation or Sec. 179, Research that before you claim either.

[leeburke]

So I went into the asset entry worksheet and put the original date acquired and date placed in service, the depreciation calculated for the full year, then I went down the asset entry sheet and overrode the Depreciation deduction for regular and AMT. It appears this is giving me my correct depreciation