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Irwin Law
Irwin Law, Attorney
Category: Business Law
Satisfied Customers: 6845
Experience:  30+ yrs. representing small business, real estate, probate
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My brother and I are NRA's and own an LLC (taxed like a

Customer Question

My brother and I are NRA's and own an LLC (taxed like a corporation) in Idaho. We want to transfer (quit claim deed) the property to a new LLC (taxed like a corporation) owned by by us? Is this an taxable event?
Submitted: 3 months ago.
Category: Business Law
Expert:  Irwin Law replied 3 months ago.

No it isn't.

Expert:  Irwin Law replied 3 months ago.

I will be back on later.

Expert:  Irwin Law replied 3 months ago.

Sorry for the delay. It's summertime, and there's lots going on on a Saturday and Sunday. It isn't a taxable event because no sale of the property has taken place. It's merely a change in ownership for no consideration. The receiving entity will acquire it with the same tax basis as the transferring entity had.

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