Thanks @Rick19744
Very helpful.
I am in a similar situation as the OP and hoping you might be able to help:
Multi member LLC, taxed as a partnership, where I am buying out my partner, and continuing the business as a SMLLC.
Two related questions:
how to dispose of assets? These assets are obviously coming with me and the SMLLC, but in TT Business in while creating the final 1065, it is requiring me to dispose of all assets.
If I mark them as sold that figure would end up on the books of the about -to-be dissolved-partnership, which seems counter intuitive since I am paying my former partner, not the partnership, for the business, including the assets (FYI - all purchased assets have taken the full section 179 in the year they were purchased).
If I mark them as "disposed of" does that create issues elsewhere?
Second - where do we report the sale of membership interest and is that even necessary if there are no hot assets?
Thanks
