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Lastly, can i set up a single 754 asset to 'house' the step up amount? Or am I required to set up a new asset for each one that was used in the step up in basis...
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Thanks @dascpa! Appreciate your input. Just a quick follow-up:My client is a logging company so most of its assets are 7-yr equipment. I was under the impressio...
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I have an LLC that lost 1 of its 3 partners, and the remaining 2 partners bought out the deceased partner's interest. They have elected Section 754 handling of ...
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Thank you! Yes, I have the date input for the weighted average computation, and everything is flowing to the K-1's correctly as far as the income and deductions...
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I've got an LLC partnership with 3 owners. One owner was bought out by the other 2 owners. In Pro Series, Sch K-1 Wks, beginning Profit, Loss and Ownership was ...
