using TT Business to file 1065. Multi member LLC.
Sell the business for $500,000 - Buildings $50,000, Land $150,000 - I see in TT where to enter these parts of the sale (along with the depreciation aspects). Lets ignore inventory. Treat the rest as sale proceeds.
Where to I enter the remaining $300,000 in TT? We have a total of $180,000 in our capital accounts. So I would think there is $120,000 taxable as long term capital gains.
Does the $300,000 get reported as a sale, and the $120,000 get deducted on our personal taxes to show the true gain?
