Can I transfer the assets of my closing business to another company I own?
What are the tax implications?
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If the assets were completely depreciated at the time of the transfer, the assets have no basis. Thus the company taking ownership of the asset would not receive any tax benefit from the transfer.
Make sure you structure the transfer so that the closing company does not receive anything in return for the asset. This would be viewed as a sale by the IRS, and thus would have tax implications.