My business partner and I were each 50/50 partners on an LLC until December 31st of last year. At that point, I purchased his "shares" (LLC units) for $X and then owned the LLC 100%.
How does the $X get reported on the business or personal taxes? I couldn't find anywhere in TurboTax (Home & Business) to report it, and I'd have to believe that it gets reported somewhere for both of us.
As well, the profit that was made last year up until the point I bought his shares would be split on our taxes as well?
