cat1

this situation works to your advantage as auditors have time limits on cases, even if not officially stated. start politely hasselling the auditor at this time should work well for you in having them make concessions.

Under Code section 754, but must be elected on a timely basis by the partnershp. On the partnership level the accounting for this is a abit messy. Your question, is not basic, is reasonable unlike many ignorant or lazy others, so called tax prepares. Hint: its all done on the partnership level.

]DEDUCt, DEDUCT!,

Might consider as an additional investment in CO , of sorts, take as a capital loss, especialy if final return of S is filed in 2009. Schedule A: Miscellaneous, something or other.

It would appear that many of the replies fail to understand or are not old enough to remember why this 8515 was enacted. Very simple-gross abuse when tax rates were much higher, putting it in the kiddy's name at a much, much lower rate. Unfortunately the rules for 8515 have not been changed to reflect up to date realities.

IS the Building considered "Investment Capitial". If it is not than COOPS would possibly Not be required to calculate the Corp Tax using the "Capital Base", NYC 4S, Sch C.