Bill N Debbie Posted January 29, 2008 Report Share Posted January 29, 2008 Just wanting to confirm, but somehow doesn't seem right........ New partnership, two individuals previously in business (sole proprietors) basically merging into partnership, each contributing previously depreciated equipment. Each asset starts the depreciation over at the previous owner's adjusted basis? What about equipment that was depreciated out, zero adjusted basis, how to determine new basis? or do you? Thanks Bill Quote Link to comment Share on other sites More sharing options...
RoyDaleOne Posted January 29, 2008 Report Share Posted January 29, 2008 The generally rule is the partnership basis is the partners basis. No setup. Oh, that is adjusted basis... Quote Link to comment Share on other sites More sharing options...
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