Depreciation of Distributed Assets from S Corp
In 2012, an S Corporation that I co-owned with 2 brothers dissolved and its assets (farmland) were distributed to each of us. I paid capital gains taxes on the distribution on my 2012 return.
My distribution of farm land was deeded into my LLC that same year. The farmland contains barns, sheds, grain bins, and a rental home - all are depreciable assets.
My question is: since I've paid capital gains taxes on my S Corp distribution, can I start over the depreciation of the above-mentioned items for future tax returns?
Or am I to assume that if I plan to sell the farmland that my LLC now owns, then I will never have to pay capital gains taxes on it again?