Another client of mine has been in a two member LLC with his brother- in-law for a couple of years now. He bought out the brother-in-law as of October 31, 2009 and there are no employees.
Now he wants to buy a pickup truck before the end of the year, to be used 100% in the (now) single member LLC business, and take the section 179 deduction.
Will I have to completely close out the Partnership Balance Sheet and issue final K-1's and file a final 1065?
If a final 1065 does need to be filed, is it due with in four months and 15 days from October 31, 2009?
Will the assets continue to be depreciated on the new 1040 Schedule C (assuming a disregarded entity of single member LLC) with the transferred book value and remaining life?
Will the 1040 Schedule C have the LLC tax ID number, or do I use the member's social security number?
Can the client take the Section 179 deduction on a new or USED pickup that he purchases in the LLC name before the end of the year?