sjrcpa
Level 15
Don't get hung up on the fact the sale poceeds go the original 100% owner. He is selling 5% of his interest in the LLC. He is the seller. His basis in the LLC is his investment plus cumulative profits less losses and less distributions. What does the Balance Sheet look l;ike? Everything on it has a basis and some items maynhave a zero tax basis.He reports the sale on his 1040.

Ex-AllStar
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