Pacun Posted March 15, 2014 Report Share Posted March 15, 2014 2 Artists have a few costumes and some make up. They also have a camera and another piece of equipment that was purchased last year. I have never depreciated anything but last November they split and they closed the LLC in Feb. They are continuing with the business on separate LLCs and they have split the items and they are worth it about 2K. I haven't look yet but I wonder how I will report those 2K for "selling" their stuff to themselves. I also have a choice to depreciate those 2 items in 2013 and then sell them in 2014, but they will still collect some some money for the make up and other items. Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted March 15, 2014 Report Share Posted March 15, 2014 This isn't like a corporate dissolution where items are deemed sold. Just show the items as being distributed to each partner. It's probably at FMV but you should look it up. Quote Link to comment Share on other sites More sharing options...
michaelmars Posted March 15, 2014 Report Share Posted March 15, 2014 just show the distribution as basis. Quote Link to comment Share on other sites More sharing options...
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