US partnership paying mortgage on land it doesn't own.
A MMLLC filing form 1065 is paying off the mortgage on land held by a foreign corporation. Both corps have the same shareholders. Do I deduct interest and depreciate closing cost on the US corp? Can I enter the value of the land on the balance sheet? I know there won't be depreciation on the land and I think I need a form 3520. Does this sound right to everyone? thanks