Hello,
me and my business partner are looking to start a general partnership. I have a CNC that I payed around $12000 for last year. I would like to contribute this to the business as we plan to use it often to make some of our start up equipment. On form 1065 I understand a partnership is able to deduct operating costs for non-cash items by filing form 8283. So my question:
Can I contribute my CNC and get it tax deducted this year for 50% of what I payed for it?
Also, If I do contribute it, in case the partnership dissolves in the future, are we able to simply state that contributions are just returned to their contributor within the partner operating agreement?
I appreciate any help
me and my business partner are looking to start a general partnership. I have a CNC that I payed around $12000 for last year. I would like to contribute this to the business as we plan to use it often to make some of our start up equipment. On form 1065 I understand a partnership is able to deduct operating costs for non-cash items by filing form 8283. So my question:
Can I contribute my CNC and get it tax deducted this year for 50% of what I payed for it?
Also, If I do contribute it, in case the partnership dissolves in the future, are we able to simply state that contributions are just returned to their contributor within the partner operating agreement?
I appreciate any help
Can a General Partnership Have Contributed Equipment Tax Exempt
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