Hey there,, i had a question regarding to selling my Share in a Family Owned and Operated LLC that had all Farmland in the LLC, I was given this share when my Parents Passed Away, I recently Sold that Share of my LLC to another family member. My Question is this treated in the same Step up Basis as normal property or is this handled and recorded Differently. I sold this Share at the same price that someone else in the family did years ago, as this was the set price the family had on those shares. The Current Value of that Share of Property is greater than what it was sold for... So would i way say that this was either a Neutral Sale or a Loss because of the current value...
Im really lost on this one and not sure how to file and certainly dont want to get hit with massive Capital Gains if at all possible... Any Help would be appreciated.
