More details are needed concerning the LLC and its operations (e.g., did the LLC hold title to a rental property and were there other members?).
You may not be able to use the installment method of reporting this sale.
yes, there was property involved. my half was sold to an individual with a down pymt and pymts now for the next 15 years. i believe the LLC was disvolved. also will I have to send the individual that purchased my half need any type of tax statement from me. what about the that I will have to pay from receiving the down pymt and monthly income???
I have to suggest that you consult with a tax professional in your area.
Your transaction could qualify (and you would be required to report as such unless you elect out) for installment sale treatment provided the sale was at a gain and did not involve the sale of inventory and there was no depreciation recapture (the latter must be reported in the year of the sale).