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Yes - the cost of assets should be the total cost before IRC 179 depreciation or any other depreciation/amortization.
Correct the ACCUMULATED DEPRECIATION section should include any IRC 179 depreciation taken on the assets as well as any other depreciation claimed.
Basically the balance sheet always carries the assets at cost and then shows a "contra account" which shows the depreciation claimed life to date. The two are added together to get a NET ASSET. When the asset is sold both items are removed to calculate the net gain on sale or disposal.
I hope this provides the clarity you were looking for. Please let me know if you have any follow up questions and I will get back to you as soon as I can.