commercial property basis?
Tuesday, November 17th, 2009 at
5:48 am
we have commercial property that we have been filing under schedule E. Our Attorney created a S-corp and the commercial property will be under s-corp( I have no idea why he set it up under s-corp instead of LLC). How can I calculate my basis when I soma online without prescription transfer this commercial property to S-corp. the basis is about 950,000 and FMV is around 1.4M. Should I use the Basis or the FMV? Thanks

The basis is the lower of cost plus capital improvements or fair market value.