How to remove asset from current company assets with zero dollar transfer (sold amount)
You'll need to sign in or create an account to connect with an expert.
Thanks for the helpful follow-up responses.
Having just one asset being distributed to multiple members may lead to an odd result, but here goes:
I have a similar situation. An LLC filed for bankruptcy and so was terminated. A new LLC was established with all of the assets and members moved to the new LLC. A cost basis for the transfer was established. I now have 2 Schedule K1s (Form 1065): One for the original showing 0% Capital at ending; and one for the Liquidation LLC . The original shows a withdrawal & distribution amount that went into the Liquidated LLC. How do I show disposition of the original LLC?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
tommymaulmaul
New Member
fordescort12
Returning Member
Guavalord54
Level 2
MLP_Banana
Level 3
taxquestion222
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.