- quote -



If the 179 gross income test is failed at the partnership level, there
is no flow through to the partners. Instead, there is a 179 carry over
at the partnership level.

Regards,
Bill

<xtrakmo[at]yahoo.com> wrote:

- quote -

Both partnerships & S corps are flow thru entities which do
not claim sec 179 deductions. They are passed thru to the
partners & shareholders who deduct it, subject to their own
limitations.

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <-----

<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

In mid-2007, we incorporated our general partnership, and
all assets and liabilities were assumed by the corporation
(with S corporation election). How do we account for our
section 179 carryover from the partnership 2006 return?

Many thanks.
Xavier

<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >