Depreciation of assets when closing a company

[Wierzbo]

What do you do with the remaining balance of an asset that has not been fully depreciated when filing a final K-1?  

[sjrcpa]

 What happened to the asset?

And, what happened to the fully depreciated assets?

[TaxGuyBill]

And is this a Partnership or is it a S-corporation?

Edit ... Shoot, I avoid answering things like this ... most likely a do-it-yourselfer (first post and just said "K-1" rather than Partnership or S-corporation).

[Wierzbo]

It is an S-Corporation.

[Wierzbo]

The client may use them in a new business they are contemplating starting, but that is on hold at this time.