@sumita71 Correct on the long-term (for the LLC) and short-term (for the stock). And also correct on the reason its two different transactions. Partnerships have their own unique set of tax requirements, so when yours ended you have to settle up with the IRS, regardless of what they gave you on liquidation. That is, they handed you stock, but they could have handed you cash, bullion, or barrels of oil. The IRS doesn't care. They just want their cut for that specific transaction.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
