loirb0313
Level 1
12-06-2019
08:25 PM
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The Building was owned by the H&W jointly so W would receive a step up in basis......at least for her half. The assets were owned by the LLC.....so yes, I would agree that the LLC basis would get a step up in basis due to the CG's being reported to Member on Final K-1. Wouldn't the step up in basis of the LLC interest effectively reduce the CG's being reported on the 1040?