Investors & landlords

While TT can handle this, it will take you inputting the correct asset cost and depreciation based on the transaction.

1. For your 1st paragraph, you need to allocate your purchase price among the assets purchased as you described.  Yes, this is the easier of the two components.
2. For the 2nd paragraph, not sure you have a handle on this.
   1. You should have been maintaining a tax basis of your investment in the LLC
   2. Your share (%) of the assets distributed out to you have a basis as well based on how the asset was depreciated (or not depreciated).
   3. You will then need to allocate your tax basis in the LLC among your share (%) of the assets distributed in liquidation.  
   4. By way of a simple example (real life unfortunately is not as simple).  If your tax basis was $50,000 and the assets distributed to you had an adjusted basis of $45,000, you would need to allocate that $45,000 in proportion to your $50,000 tax basis.  Keep in mind, that the $5,000 excess becomes a new asset(s) as noted previously.
   5. There are specific rules that govern how to do this allocation under Section 732.  Beginning with your tax basis:
      1. Subtract out cash / marketable securities
      2. Any remaining basis is allocated to unrealized receivables and inventory equal to the LLCs adjusted basis
      3. Remaining basis is then allocated to the other distributed assets equal to the LLCs adjusted basis
      4. Any basis increase (the distributee member's basis over and above the LLCs basis in the distributed assets) is then allocated to appreciated assets (other than unrealized receivables or inventory) in proportion to each asset's respective amount of any unrealized appreciation.  However, basis should not be allocated in excess of FMV.
      5. If there is still remaining basis increase to allocate, it is allocated to assets (other than unrealized receivable or inventory) in proportion to their FMV.
   6. Unfortunately, regardless of the size of an LLC taxed as a partnership, the rules can be cumbersome and complicated.