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    Amortization

    Tweety
    Level 2
    ‎07-01-2020 01:02 PM

    Can a taxpayer take full amortization for non-tangible items in the year they end being a sole proprietor to begin an LLC?

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    4 Comments 4
    Just-Lisa-Now-
    Level 15
    Level 15
    ‎07-01-2020 01:17 PM

    What kind of LLC?


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    sjrcpa
    Level 15
    ‎07-01-2020 01:23 PM

    No. The depreciable/amortizable assets move over to the LLC.

    The more I know, the more I don't know.
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    qbteachmt
    Level 15
    ‎07-01-2020 01:46 PM

    What is the nontangible item?

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    claudetcb
    Level 3
    ‎07-01-2020 09:15 PM

    Only if there is positive net basis of the amortizable item. Recall that you have already claimed amortization expense in prior years; you cannot duplicate that by restoring the original cost of the amortizable item. That would be double dipping, and cause for an audit.

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