froesel1 wrote:

- quote -

Then the corporation may take section 179 deduction for the
15000$. Doesn't matter is equipment already used, it's not
"used" in the eyes of the corporation.

Funny thing; really coincidental. But just today I prepared
an 1120S return with sale of restaurant equipment for
exactly 15000$! How about that?

CheeR$,
Harlan Lunsford, EA n LA

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Corporation bought the restaurant and equipment.

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froesel1 wrote:

- quote -

First of all, WHO bought the restaurant and the equipment?
You or the corporation?

This makes a difference, since "you" are not "the corporation."

cheer$,
Harlan Lunsford, EA n LA

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I purchased a restaurant in May 2003. The used equipment
included was valued at $15,000. I am a corporation and will
be using Form 1120. How much depreciation can I deduct? I
was told from a friend that I could deduct the total amount
of $15,000. Please some one give some help!!!!!!!!!!!!

Thanks
Frederic

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