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Business & farm
While you may have organized as a state level LLC, you apparently made an election to be taxed as an S corporation. As a result, you need to track your basis.
While you may not have any stock, since you organized as an LLC, you have units. So in your case, your "stock" is a unit. The end result is the same; tracking your basis; regardless of units or stock.
*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 17, 2023
4:52 PM