volvoswede wrote:

- quote -

Section 179 if first computed on the entity level, i.e. the
S corp had to have had at least 38,000$ in profits which
show on the K-1's. Also shown on the K-1's are their
respective section 179 amounts to flow through to their
personal tax returns.

So now, I ask you, how could the two guys NOT have enough
income against which to take the 179?

puzzled.....

ChEAr$$,
Harlan Lunsford, EA n LA
2 Apr 2005
13 days and counting

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Wondering what if any options are possible: the S Corp filed
Mar 15 and took 38k in Sect. 179. Turns out two shareholders
couldn't use it, low taxable income, and one could take half
of his k-1 amount, when they're doing personal taxes. Must
they take it since S Corp already filed? Or could it be
carried forward next year say as regular depreciation if
entered on books that way? Or is amended S Corp return only
way? Just looking for options.

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