Since I use Mac, I do not have access to the TT Business since the software is windows only.
Response 3) I would assume it would be under this section. And "yes" it does need to be in accordance with each member's ownership.
As a follow-up to the distribution issue, technically your property could end up with a different basis than what is in the LLC. This is due to the fact that when property is distributed in a liquidating distribution, it takes each member's basis in the LLC (your outside basis). Once again, a complicated area. You may want to get some professional tax advice.
Response 5) While there is no "near term" plan for a change, the commercial real property life is longer than near term so could come into play many years down the road. The purpose behind Section 704(c) is to avoid shifting of any gain between members.
*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.
