That's very helpful, thank you. Also, with regard to my question about accounting for 2019 contributions as the LLC formed in 2019, but contributions were made by members as far back as 2017. Do I enter them all in 2019 since that is the first year of the LLC and its first tax filing (and we need to show the complete amount of contributions)? This LLC was specifically formed just on purpose to handle a property investment and will probably dissolve when the property has been sold. The members started investing and purchased the asset in 2017 and then in 2019 decided it best to form an LLC, thus this situation. What advice do you have about the accounting and tax filing of this for tax year 2019?
