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Single LLC Buy in By Others

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    #1

    Single LLC Buy in By Others

    I have a single member LLC he is selling 66% of his ownership to two partners, I know about the asset step up for the two incoming partners - what does the original partner report?
    Sabre

    " You don't learn much from the second kick of a mule."
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    #2
    Revenue Rul. 99-5 and 99-6

    Please check Revenue Rulings 99-5 AND 99-6.

    Issues related to the conversion of single-member LLCs to multi-member LLCs.
    Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

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