ghc[at]alaska.net (Reggie B) wrote:
- quote -

I don't do returns, so there may be some glitch I'm unfamiliar
with. But conceptually you were the owners of property and
will be the owners of the same property. There is no change
in the ownership of the property.

So yes, you continue depreciating under the new business.
There is no change in basis from one business to the other.

Stu

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"Stuart O. Bronstein" <spamtrap[at]lexregia.com> wrote:
- quote -

These business are sole proprietorships. I guess the big
question is, can we pick up the depreciation on the assests
where we left off in the furniture business?

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ghc[at]alaska.net (Reggie B) wrote:

- quote -

If these businesses are proprietorships rather than
corporations, that will basically happen already. He can do
whatever he wants with his assets, though he can't
depreciate the same asset twice.

If the businesses are corporations, there are several types
of business reorganizations that qualify for tax free (or
deferred) treatment. But you have to be very careful to
make sure the transaction qualilfies under the statue. In
this situation he will definitely need the assistance of a
CPA or tax attorney to determine which type of reorganiztion
best fits his situation, and then be sure he qualifies for
it.

Stu

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My husband had a business making furniture. He wants to
close that and open another building houses. He wants to
use the same business assests as the furniture making
business. He has been depreciating a building and
equipment.

How does he close out the one and use the tools and building
for the other?

Thank you
Reggie B

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