Thanks, TurboTaxRichardK. We were taxed as a partnership, and I didn't realize that the 3rd LLC member acquiring the other 2/3 would be considered a Technical Termination of the LLC. He had his accountant file a short period return, and I received a K-1 noting that I should claim the $7,500 less my ending capital balance as a capital gain on my personal tax return. I'm still confused as to whether or not that's correct.
