Transfer Fixed Asset to another co
My client has two Sole Proprietor company files. She is planning to close one and would like to transfer the fixed assets to the other business. What entries in QB need to be made?
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Libertyville
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08/22/08 12:39pm PDT
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09/18/08 4:41am PDT
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Since she is the sole proprietor of both businesses, there is no tax implication on transferring the asset. When she closes the first business, she can value the fixed asset at its book value. No loss or gain is recognized. In the surviving business she will merely enter the asset at its original book value and credit owner's equity.
