ZukaAdam

Four LLC members. Filing 1065. $70K in panels bought in '24. I understand the depreciable life is 5 years $70K less 1/2 the 30% credit, so less $70Kx30%x0.5 = $10.5K. Depreciable basis is $59.5K. Correct? Where to report $21K credit? Line 20 on sch K code E? Then LLC members report on their 1040's via form 3468? Or another form? Thanks all!

Thought I'd find this topic addressed but didn't see anything with my search. Given that M-2 balance is now required to be calculated on a tax basis, and ATX flows the amount from M-2 line 9 to schedule L line 21, and the balance sheet can be book basis, how is this adjustment done in ATX? I don't find a worksheet or a link and ATX support isn't much help so far. Or am I missing something? Thx.

Hey all -- two-member LLC (LLC A) with long-term recourse debt (promissory note). The two members of the LLC (LLC's B and C) are also LLC's, each of which has two individual members. Does recourse debt of LLC A add to tax basis of LLC B and LLC C as members of LLC A? Does the fact that LLC's B and C have both elected to be treated as S corps for tax purposes negate any possible tax basis these two LLC's may have in the recourse debt owed by LLC A? Appreciate your insight and expertise. -Adam-

My bad. Meant sch K line 12, not line 11. Sorry.

Line 20 code Z question: partnership return has $100K on sch K line 1, $20K on sch K line 11 (sec 179), $3K on sch K line 4 (guaranteed payment). Two members. Member A got all of the GP. Does line 20 code Z on sch K get reduced by either the $20K section 179 before it flows to each member's K1? Does it also get reduced by the $3K of GP solely attributable to member B? Baffled. Thanks!

I have a restaurant client who opened a second location. Business entity ownership is the same, although he did create a new entity for new location. Thoughts out there about deducting pre-opening costs at second location since first location is already open for business instead of amortizing them under sec 195? Thanks. -Adam-