I have a client that had a Sched C in 2005 where we Sect 179 expensed several assets. In 2006 he formed a partnership
50/50 with his brother and is using these assets. How do I transfer them to the partnership? Are they part of his initial contribution with a zero basis and accumulated depreciation? Does the partnership have to recapture depreciation and incur a gain if they sell the asset? The Sched C had no activity in 2006. Thank you for any help.
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