How do you determine the FMV of a LLC property distribution?

[jdoeslash]

We currently have a small two person LLC that holds a fully paid off investment property. We would like to distribute the fully-paid off property to its owners as a return of capital.

I understand that the distribution might affect my tax basis in the property. How do I determine the FMV of the property at the time of distribution?

[Anonymous_]

Whenever you need the FMV of property (of significant value) for federal income tax purposes, you should consider obtaining an appraisal from a certified property appraiser.