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Section 179 Addback Example 2 - Partnership Flow Through

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Sven and his sister, Lena, jointly bought their family farm. In the partnership, Sven owns 60 percent and Lena owns 40 percent. They purchased a combine for $150,000 and chose to expense the maximum federal amount. The farm had a net profit of $80,000.

To compute both Sven and Lena’s section 179 expense addback for Minnesota purposes, the partnership has to re-compute Form 4562 for state purposes and apportion the Minnesota limitations based on each partner’s share of the business. 

See the following partnership sample forms and calculations.

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