looking to go from inc to llc at the end of the yr. and looking for some tips on doing so. talked to a few company's that have done so and the way they explained it to me it is very taxing. i spoke to my accountant he told me what needs to be done. any tips out there? i need to get values on my equipment and some things that are only a few yrs. old are worth nothing.. how do you put a dollar value on a piece of equipment that is only a few yrs. old and cost you thousands new and in the grave yard already?
C corp. to llc in n.j.
- Thread starter ant
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There is ONLY ONE way to do it; take what you paid for it and minus the depreciation you have claimed on your taxes... your CPA should know better.
That is the only value that matters for taxation purposes.
Your CPA should be doing a depreciation schedule that has all of your non-section 179 depreciable items on it.
KRS
