Depreciating truck came with business

[wallacedk]

Do you inherit the depreciation schedule of an asset when the asset comes with a business that was bought, or do you revalue the asset at its current market value and start a new depreciation schedule

[IRonMaN]

Bought assets or bought stock?

[wallacedk]

The truck was included when son purchased family owned LLC

[IRonMaN]

And the LLC was being reported as a schedule C, 1065, 1120, 1120S?

[wallacedk]

LLC was reported on Schedule C

[IRonMaN]

Sounds like he bought assets in which case you would depreciate based on the cost allocated by the purchase agreement.