For tax purposes, Aspen Ridge has consistently elected under Section 179 to expense any furniture or fixtures purchased every year since it was formed. As a result, it does not have a tax basis in any of its depreciable assets. This year, Aspen Ridge expensed $17,300 of signs and display cases for tax purposes.
Facts: The Aspen Ridge limited partnership was formed on April 1, 2009, by Mark Sullivan, its general partner, and two other limited partners when they each contributed an equal amount…