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Business & farm
If the LLC has a new member this year, by definition there was an ownership change. This will trigger questions about the type of change, which you said can be reported as neither a sale or exchange. You will need to adjust percentages to bring the totals back to 100% for ownership, profit/loss, etc.
The basis issues mentioned by mgarry3416 are primarily the responsibility of the individual members.
For more information, see IRS Pub 541 - Adjusted Basis
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March 6, 2024
11:04 AM