Discussion:Selling Asset from Sole Prop to LLC
From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
(Difference between revisions)
| Revision as of 14:17, 12 April 2009 Deback (Talk | contribs) (Discussion:Selling Asset from Soe prop to LLC moved to Discussion:Selling Asset from Sole Prop to LLC) ← Previous diff |
Current revision Dnc0716 (Talk | contribs) (You don't sell i) |
||
| Line 5: | Line 5: | ||
| == Headline text == | == Headline text == | ||
| }} | }} | ||
| + | |||
| + | {{ForumReplyPost|UserID=Dnc0716|Date=12 April 2009|Text=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. }} | ||
Current revision
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. | |
