Wait. What @ColeenD3 ?
Some additional context would be helpful:
- Did this transaction occur in 2020 or 2021?
- Just confirm what type of return the upper tier LLC is filing.
- Does the upper tier LLC have depreciable assets?
- Not sure I understand the transaction. If the upper tier LLC had 3 members and all were bought out, who is the "we" that bought them out? Something is missing to complete this transaction.
*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.
