Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-23-2014, 10:41 PM
Junior Member
 
Join Date: Feb 2014
Posts: 1
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?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Determining Fixed Assets for S-Corp ealbertson S-Corporation 1 01-19-2012 09:09 PM
What will be the impact of buying assets (not eligible for bonus depreciation) in the 4th Quarter? TaxGuru Depreciation 0 11-16-2011 07:06 PM
When must assets in Coverdell Education Savings Account (ESA) be distributed? TaxGuru Education Planning 0 01-24-2011 01:03 AM
NJ S-Corp want to dissolve, been inactive since 2000, NO ASSETS emgconsulting S-Corporation 0 02-23-2010 12:52 PM
Depreciation method for previously used assets used in business TaxGuru Depreciation 0 02-13-2007 10:04 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning