Sorry, confused. Yes I will have 751. There are only 3 assets in the LLC. All 3 purchased 15 years ago for $30,000 each and fully depreciated over the following 15 years. LLC is remaining active as other member (50%) is retaining his share and purchaser will have my 50%. There have been no improvements or changes to the assets to change my basis. Current market value for the 3 assets is $70000 each. So I assume I will have capital gains of $105,000 which is the purchase price. I am allowing the purchaser to pay the $105,000 out over 5 years with equal yearly installments. Question is whether I have to declare $105,000 of capital gains the year of sale or can declare $21,000 in capital gains that year and each year for the next 4 years. Is there any other information you would need. It is a very simple LLC.
