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Transfer a fixed asset from one company to another
11/6/09 9:42 AM
Total Views: 30
Total Views: 30
I need to add assets that are being transferred from a sole proprietorship to an LLC. These assets were not purchased by the LLC, just transferred. How to I show the assets in QB when it was basically a "gift" and not an expense we paid for?
I need the fixed asset to show up on our balance sheet as a fixed asset.
All Replies: Answers (1)
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Answer
11/7/09 9:33 AM
You need to start by filing form 351 otherwise it will be a taxable transaction. There is no gift, it is a transfer of assets from one entity to another that have the same ownership. If you are unsure how to handle the transaction, contact you tax preparer.
Marc Barnes
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