Client had a "hotel" business (short term rentals). Had furniture in it that we were depreciating. Was reporting on Schedule C due to the short term nature of the business.
Client sold the property.
Client moved the furniture into his furniture store (another sole prop) to sell (retail).
I'm thinking I should simply remove the furniture at it's current adjusted basis (zero gain/loss) and consider that his new basis in this inventory?
Thanks.