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LLC formed in 2016 by family members transferring in their ownership in a farm. LLC sold timber in 2017. Can "acquired date" of the timber be 2003 when it was planted?
The family members owned the farm in 2003 when the timber was planted and transferred their ownership to the LLC in 2016. Trying to determine if this is a capital gain or ordinary income. Thanks.
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‎June 6, 2019
7:30 AM