Ask Experts Questions for FREE Help !
Ask
    Milly09's Avatar
    Milly09 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Feb 1, 2009, 02:44 PM
    Transfer of fixed asset to another entity
    I need to transfer a fixed asset (rental real estate) and its mortgage from one LLC to another LLC. Since both LLCs are owned by one person, no cash was involved in the transaction. What entries are needed, and which LLC shows the capital gain?

    $250,000 = FMV of home
    $200,000 = original cost of home
    $120,000 = current mortgage on home
    $40,000 = accumulated depreciation
    $3,000 = year-to-date net income for rental of home

    THANKS!!
    codyman144's Avatar
    codyman144 Posts: 544, Reputation: 31
    Senior Member
    		  
    #2

    Feb 1, 2009, 09:37 PM

    Do you plan to transfer this at FMV? If so why not just do it at cost so no one has to show a gain...
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Fixed asset or Intangible asset [ 4 Answers ]

Is the U.S. Treasury Note. A Fixed or Intangible Assets.

Fixed Asset J/E [ 6 Answers ]

Join Date: Feb 2008 Posts: 2 Journal Entries... please -------------------------------------------------------------------------------- On my trial balance I have an Bldg Fixed Assets of $110,000 debit; I need to credit this amount . Which account do I use? But, I have to create the...

JE for fixed asset [ 3 Answers ]

Our company purchased piece of equip for $24,000.00. We put $5000.00 down and received rebate of $4000.00 so loan amt is for $15000.00. How do I record the fixed asset? Thank you.

Fixed Asset [ 1 Answers ]

How do you record in the current year a fixed asset figure not posted in the previous year?

Fixed asset [ 3 Answers ]

How do I categorize and enter into the checkbook?

View more questions Search