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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10453
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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So, if there is no gain or loss, does the taxpayer have book

This answer was rated:

So, if there is no gain or loss, does the taxpayer have book or FMV in the assets as they are placed in service in the incorporated entity?

Lane :

Yes, if he wants the S-Corp to own the assets

Customer:

yes he takes the lesser of FMV or book value at the date of service?

Lane :

That, plus any cash would be his capital contribution Assets (Cash and hard assets) = Owners Equity (Capital account) + Liabilities

Lane :

yep

Customer:

OK. Thanks.

Lane :

You're welcome as always, Chris

Lane :

Thanks

Lane :

Lane

Lane and other Tax Specialists are ready to help you


Thanks Christine!

Lane