My wife and I are 50/50 members of an LLC that holds only a brokerage account. We pay taxes yearly on the dividends, interest and capital gains via a K--1.
We will probably terminate it this year, and want to move the stocks and bonds out into our regular joint account. We would not be selling anything.
Is this type of a distribution tax free?
The only thing happening is changing the ownership from our LLC to our joint account? The current basis would remain unchanged.
Where does this appear on the 1065 and K-1?
