Tax Free Reorganization

[Taxizen]

In a tax free reorganization, the basis of the property received is the same as that of the acquired corporation's basis. My question is how I show the fixed asset on the ASSET ENTRY. Do I continue to use the original asset cost and date placed in service for the acquring corporation's return?

Any input is appreciated.

:rolleyes:

[kcjenkins]

Yes, no change in the life or method, same ACC Dep, etc.

[BulldogTom]

TAXIZEN,

Why don't you try duplicating the return, changing the main form (1040 to 1065/1120) and see if the assets move over and populate. I think you would have to just go into Asset Entry and change the link from the Sch C to the new form. Might save a bunch of typing?

Never had to do it myself, just thinking out loud.

Tom

Lodi, CA

[Bart]

TAXIZEN,

Why don't you try duplicating the return, changing the main form (1040 to 1065/1120) and see if the assets move over and populate. I think you would have to just go into Asset Entry and change the link from the Sch C to the new form. Might save a bunch of typing?

Never had to do it myself, just thinking out loud.

Tom

Lodi, CA

You can only have one signature form in each return. Is it possible to delete the 1040?

[BulldogTom]

You can only have one signature form in each return. Is it possible to delete the 1040?

That is what I was wondering. When you take a 1040 EZout and put a 1040 in, it lets you. Will it go from a 1040 to a 1120 and keep all the supporting schedules? I don't know, but I would try before typing in all the assets.

Tom

Lodi, CA

[Taxizen]

Yes, no change in the life or method, same ACC Dep, etc.

Thank you for your kind reply.