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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% and Lena owns 40%. 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 must recompute Form 4562 for state purposes and apportion the Minnesota limitations based on each partner’s share of the business. 

See these sample  partnership forms and calculations.

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