I have a question on how to record leasehold improvements on S8 Lease #1 that have been transferred through a S. 85 rollover to a Corporation.
My client started a business as a Partnership and later decided to incorporate and transfer his business assets to the Corporation through a S. 85 rollover.
I understand that amounts transferred under S. 85 are to be included as "Adjustments and Transfers" under Column 5 on S8 which increases the UCC.
I can't seem to figure out how to record the Class 13 leasehold improvements on S8 Lease #1 that have been transferred through a S. 85 rollover to the Corporation.
Any advice/help is much appreciated!
