Carl
Level 15

Business & farm

You sold nothing really. You'll have 3 SCH C's this year. On the first, (We'll call business A) original LLC just indicate that all assets were removed for personal use. When asked if special handling is required, indicate yes. Otherwise, you will have to put sales information in and you will be taxed on income you took out of your left pocket, and put in your right pocket. So don't "sell" it back to your selves. You have to do this for each individual asset one at a time. You're reporting this business as CLOSED on this SCH C.
The next two SCH C's will be for the new business. One for 50% of your ownership and the other for 50% of your wife's ownership.
On the SCH C for Business B (your 50%) you'll re-enter assets at 1/2 their value on the 4562 for Business A, and report 1/2 the depreciation on each asset already taken.  
You'll do the same on the Business C SCH C for your wife's 50%.
So for 2016 you'll be filing three SCH C's for this business. One to close the sole proprietorship owned by you, and the two to open a new sole proprietorship for each owner.
This gets to be a mess if vehicle expenses are involved, and there's only one vehicle. Generally, you'd be better off reporting the business as it's own partnership and filing a completely separate 1065 partnership return. But that requires TurboTax Business (Different form Home & Business).