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If 2 of 3 members of an LLC sell their interest for $7,500 each, with ending capital of $1,350 each, what do they have to claim on their individual tax return? And where?
At time of sale of interest in rental property (LLC)*:
Total Assets = $165,000
Total Liabilities = $161,000
Total Equity = $4,000
* numbers are rounded
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May 31, 2019
7:16 PM