Of a liquidating


10-Feb-2021 18:27

1231 property to J and he sells the building for its 0,000 FMV, he will realize a Sec.1231 loss of 0,000, which will be ordinary, assuming he has no other Sec.R first reduces his ,000 outside basis by the ,000 cash distribution.His remaining ,000 of basis in his LLC interest becomes his basis in the distributed real property (Sec. Z does not recognize any gain on the distribution although the FMV of the property R receives (,000) exceeds its ,000 Example 2.J will recognize no gain or loss on the distribution and will have a basis in the distributed office building of 0,000, the basis of his LLC interest after reduction for the 0,000 of cash received.

of a liquidating-16

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L distributes ,000 cash and inventory worth ,000 to V in complete liquidation of her LLC interest.Under the terms of the agreement, a substantial portion of the purchase price of the house was provided by a loan from a related party that was immediately repaid by the retiring The IRS attacked the purported distribution based on the fact that (1) the distribution was not a distribution of partnership property since the house was acquired and held for the account of the retiring partner, (2) the distribution should be recast in accordance with the doctrine the acquisition of the house by the partnership and its distribution to the retiring partner should be disregarded, and (4) the acquisition of the house by the partnership and its distribution to the retiring partner lacked economic substance and were unnecessary steps taken solely to achieve tax A member can recognize a loss on the liquidation of his or her LLC interest if the distribution consists solely of money, unrealized receivables, and inventory and the LLC's basis in those assets is less than the member's basis in the liquidated LLC interest.



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