sale of MMLLC

[JoshinNC]

If the 2 members of an MMLLC that has elected S-Corp treatment sell their membership interest (not the assets) is it a sale of stock or is it a sale of a partnership interest?

[OldJack]

For federal income tax purposes it is a sale of S-corp common stock reported on the 1040 Sch-D.

[JoshinNC]

Thanks Jack

For federal income tax purposes it is a sale of S-corp common stock reported on the 1040 Sch-D.

I should have clarified that I was looking for tax treatment, not legal treatment, but you obviously read my mind. Hey, there's a thought for making money during the "off season", mind reading. Half our clients think we should predict their every move and plan ahead for them, so why not charge for it!

Thanks again!