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Question:

Can I write-off equipment if it is part of a stock purchase?

I purchased a S corp thru a stock purchase agreement. Included in the corporation were 2 tractors and an excavator. Can I write-off any of my purchase price of this corporation? Tractors and excavator? They are part of the corporation.

Answer:

You can depreciate them over their remaining useful lives at their market value when purchased.

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