Beginning Partnership - contributing assets

[Bill N Debbie]

Just wanting to confirm, but somehow doesn't seem right........

New partnership, two individuals previously in business (sole proprietors) basically merging into partnership, each contributing previously depreciated equipment. Each asset starts the depreciation over at the previous owner's adjusted basis?

What about equipment that was depreciated out, zero adjusted basis, how to determine new basis? or do you?

Thanks

Bill

[RoyDaleOne]

The generally rule is the partnership basis is the partners basis.

No setup. Oh, that is adjusted basis...