Christian Posted February 21, 2014 Report Share Posted February 21, 2014 A client died in 2012 leaving a son the family farm along with a number of depreciated farm machinery items some of which have unused remaining depreciation. The farm also has an nol from prior years which was not used up. Does the son use the depreciated basis for the machinery items or are they revalued since his parent is deceased? Also, is the nol carried over or is it more likely simply lost ? Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted February 21, 2014 Report Share Posted February 21, 2014 NOL dies with the deceased it belonged to. But all the assets should be started on the heir's return at FMV . There is no relevance to the previous book value. 1 Quote Link to comment Share on other sites More sharing options...
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