I am so confused. I thought that the person was one member of nine in an LLC than elected to be taxed as a partnership. If he bought out the other 8 members, then the LLC would remain with one member, yes? And the K-1s would reflect the members' contributions and distributions, yes? I am contemplating purchasing a multi- property LLC from two members. I would be a sole member owing the LLC. From what I am reading, my purchase would be an addition to the adjusted basis of the LLC and, thus, the properties and the $$ paid to the exiting members would be a distribution to them? Is this how it is handled because it is a pass through entity? If I have this right, I guess I can decide how to assign th value paid to the individual properties in the LLC, yes? It is very complicated.
