Thank you so much for all of the information! I think I have it now. At the time of the sale of my interest in the LLC, assets (building/land) were $165,000, a third of which were mine. So my basis would be $55,000, which I would subtract from the $7,500 I was paid for my 1/3 interest, resulting in a negative, and would not be claimed on my 1040. The liabilities that were assumed by the remaining member would be considered a contribution on his part to the new LLC and would not be factored in. Do I have that right?
