Discussion:Asset transfer upon LLC termination

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Revision as of 14:02, 3 August 2009

Discussion Forum Index --> Basic Tax Questions --> Asset transfer upon LLC termination
Discussion Forum Index --> Tax Questions --> Asset transfer upon LLC termination

LSC CPA (talk|edits) said:

3 August 2009
Client is an LLC (partnership) with a final return for 2008 - ceased operations 2/28/08. There were 3 members. 2 of the members formed a new corp 3/1/08 and use the assets of the old LLC in their new S-corp. What is the proper way to handle the disposition of the assets from the old LLC to the new S-corp, considering that only 2 of the LLC members are shareholders of the new corp that is using the assets now? A sale to the new S-corp or the shareholders at net book value? Distribution to the 2 members who formed the new S-corp? There were no formalities, documentation, etc. (of course). Can someone point me in the right direction (code, example, etc.). Thanks!
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