I think you need to clarify this transaction and expand on the facts.
- You indicate that the LLC is a multi-member LLC in your response
- The facts indicate that the LLC (multi-member LLC) bought land, buildings, etc for $1.
- Who was the seller in this transaction? A related party?
- This doesn't sound like an arms length transaction?
- You then state, that "I" sold the land and leased the assets to the buyer?
- This doesn't make sense as you stated the buyer was the LLC who now owns the property?
- Who is "I" in your facts?
- I think too many details are lacking to provide an accurate response as to the tax implications.
*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.
