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    #1

    Farm Partnership Question

    Three brothers have exsisting dairy farm LLC. They want to divide the dairy portion of the business with 2 brothers forming new LLC and third brother forming his own LLC. The original LLC with still exsist (all three brothers) and own buildings and most of the equipment and continue to plant and harvest crops to sell to above new LLC's and on the market. They will lease buildings and equipment from the orginal LLC. The main assets being taken out of original LLC and contributed to new LLC's will be the cows. No money will change hands. Finally my question. As long as each partner has basis this should be a tax free distribution?

    Thanks

    Bucky
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    #2
    Okay Merry Christmas

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