I own 2 LLCs that own a commercial real estate property 70% and 30% respectively. On 12/31/21 I merged the smaller entity into the larger one in an asset over merger. I filed the paperwork with the states. Both had income in 2021 but I don’t know how to reflect the asset over (no gain transaction) inside TurboTax. In the end I’m assuming my balance sheet would be zero for merging entity and all assets and liabilities would be reflected on the gaining balance sheet at year end. Do I record as a sale at zero cost or at the asset value on the books at the time? Help??
