Thank you so much for the prompt response, this was very helpful.
1. The property will be contributed by all members of the existing LLC to the new LLC according to their ownership %'s in the existing LLC
2. Yes every members ownership % will be the same in the new LLC
3. O.k., I presume this will be shown in TurboTax under the "Partner/Member Info" as a property distribution by each member? Does each member's distribution amount need to equal their % of the property's remaining cost basis at the end of the year (i.e., zero it out)? Also, in this scenario we should not have to fill out the section in TurboTax under Property Dispositions, correct?
4. Thank you, this is very helpful information.
5. It is very unlikely any of the members will leave the LLC, so hopefully things can stay fairly simple for the near term.
Thanks again. Merry Christmas!!
