Explore the 1,000’s of tax questions answered by professionals.

Back to list

QUESTION DETAIL

Related User

Votes

I have a client who wants to transfer land and a building that is almost completely depreciated from a C Corporation which has $5 million in earnings to a Partnership. The Partnership of 5 partners owns stock 30% stock in the C Corporation. What would be the journal entries to show the transfer of property from the C Corporation and the Partnership?