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Business & farm
As noted by @soultax09 , what you are wanting to do is most likely not allowed based on your limited facts.
The regulations are very specific on allocations between partners / members.
The rules can be very complicated, however, in most instances, the allocations need to be made in accordance with the member's interest in the LLC. Any deviation from this, you will have reached the edge of the cliff and the complexity drop is quick and dangerous.
And finally, of all the times to consider a change in the allocation, the final year is not the time to do so as you would most likely not meet the substantial economic effect provisions of the regulations.
The IRS does not like shifting of economic outcomes.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
Also keep in mind the date of replies, as tax law changes.
‎January 4, 2020
7:31 AM