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After 2 member LLC converted business assets to personal use in 2017, how does 1065 (which remains in existence) report conversion of business assets to personal use?
LLC (husband and wife) will remain in existence in future for liability reasons although no business is conducted. I think but would like to confirm that a sale of exchange of business assets that were converted to personal use is reported at FMV and gain, if any, would be subject to ordinary income treatment due to depreciation recapture.
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‎June 4, 2019
6:50 PM