commercial property basis?
Tuesday, May 20th, 2008 at
6:25 pm
hightechaccountingg asked:
we have commercial Propecia whithout prescription property that we have been filing under schedule E. Our Attorney created a S-corp and the commercial property will be under s-corp( I have no idea why he set it up under s-corp instead of LLC). How can I calculate my basis when I transfer this commercial property to S-corp. the basis is about 950,000 and FMV is around 1.4M. Should I use the Basis or the FMV? Thanks
we have commercial Propecia whithout prescription property that we have been filing under schedule E. Our Attorney created a S-corp and the commercial property will be under s-corp( I have no idea why he set it up under s-corp instead of LLC). How can I calculate my basis when I transfer this commercial property to S-corp. the basis is about 950,000 and FMV is around 1.4M. Should I use the Basis or the FMV? Thanks
