I am writing off an old asset that was capitalized in 1984, back when the investment credit was calculated, and the basis reduced by one-half the ITC. I am now writing the asset off the books. Would it be correct to write off the one-half basis adjustment against retained earnings and make it an M-1 item? Or, can I take a loss for the remaining basis?
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Remaining basis on a 1984 assets? What might that be?
ChEAr$, Harlan Lunsford, EA n LA (who remembers the old ITC fondly.)
you cannot take a loss for something you received a inv tax credit for ___________________________________
-----> real address on hobokeni or hobokenx
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