We transferred a rental property in New Jersey that has been depreciated over the years to an LLC. Would the net depreciated value of the property to added to the LLC or would the current market value of the property less the accumulated depreciation to date be added to the LLC? Also, please confirm that the partners in the LLC would have to report their share of income based on their capital contribution percentage at the end of each year and not when the funds are actually distributed as cash. Thanks.
