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Business & farm
Exactly what are the circumstances of the gift?
There are actually only two choices here; the funds/property received are, in fact, a gift or the funds are a contribution to capital of the LLC. In the case of a true gift, that would be one made to all of the members of the LLC individually.
Regardless, the donor is the individual who is responsible for filing Form 709 if it is required.
‎February 7, 2020
8:25 AM