Discussion:Selling Asset from Sole Prop to LLC
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Discussion Forum Index --> Basic Tax Questions --> Selling Asset from Sole Prop to LLC
Discussion Forum Index --> Tax Questions --> Selling Asset from Sole Prop to LLC
| 12 April 2009 | |
| Have a client who filed sch c in 2007, in Jan of 2008 formed LLC. I think I need to sell the asset at basis to the LLC and since the LLC went broke before the end of the year I think I am supposed to sell the assets thru the LLC which will flow back to the individual. The LLC is taxed as a partnership. The couple are the only ones in the partnership.
[edit] Headline text | |
| 12 April 2009 | |
| You don't sell it to the LLC, you transfer it in, retaining your basis, Sec. 721 no gain or loss is recognize on the transfer. | |
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