This is not as simple as it may seem, however, you don't look to the FMV.
When liquidating an LLC taxed as a partnership and making liquidating distributions, you need to look to the adjusted basis of the property being distributed as well as your tax basis in the LLC.
There are specific steps involved when making liquidating distributions and because you distributed cash and property, you most likely have no gain or loss to report.
This is because once the cash is distributed and your tax basis is adjusted for that distribution, your property that was distributed now takes a basis equal to your remaining tax basis. Since you have two assets, the remaining tax basis will need to be allocated between those two items. I would use the original cost of each asset when determining the allocation.
*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.
