Business & farm

There are a number of issues and additional information is needed:

1. How many members in the old LLC
2. What type of assets were in the old LLC
   1. fixed assets
   2. cash
   3. receivables
   4. inventory
   5. method of accounting
3. Any liabilities in the old LLC transferred or all eliminated in bankruptcy?
   1. Was this a true bankruptcy 
   2. Or just a business where the liabilities exceeded the assets and closed down; insolvent
   3. Was a form 982 filed for Oldco?
4. Are the members the same in Newco LLC and Oldco LLC?
5. Same ownership percentages
6. Not sure I understand the 2 K-1's "original and liquidation LLC"  these should be one and the same?
7. At what point in time did these transactions occur; month, year, etc.
8. This is a complex situation and while we may be able to provide some general guidance, it is best to consult with a tax professional so you can have a one on one as there are so many questions that need addressed and this type of a forum is not conducive or designed for this type of transaction