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Business & farm
This question is not clear.
You can't have a drop down and a sale of the same assets. You can in two separate transactions, but need clarification on what actually happened.
You either have a drop down, which means you contributed assets into another entity structure, or you sold assets to another entity.
*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.
Also keep in mind the date of replies, as tax law changes.
‎January 14, 2022
4:53 PM