Hello!
First off you guys are great, amazing with the answers given overall.
Question, I have owned 30% of shares in real estate, a building that's an LLC. This year I created a new business, a USLP, for real estate investment purposes only and I'm the sole person. I would like to transfer all of my personal shares that was in my name into the new business. The share title is transferred this month from the LLC to the USLP.
Now that I'm going to create a new corporate tax return, how do I record or what form do I have to use or to elect to transfer the same real estate investment that I owned into the USLP on a tax deferred basis? I know in Canada they have something called section (85) rollover but what about here in the states?
Please help! I can't seem to find anything when creating a business then electing to transfer items like investments at cost (ACB).
