How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

My friend and I each owned 50% interest in 4 LLCs. In Sept

Resolved Question:

My friend and I each owned 50% interest in 4 LLC's. In Sept we restructured each LLC to single member disregarded entity LLC's each owned 100% by a new LLC in which my friend and I each own 50%. My presumption is that the old LLC's distributed all of their assets and liabilities to the new LLC. The new LLC books the transactions using the same basis as the old LLC. Is this correct? Is there a special form to report this transaction?
Submitted: 7 years ago.
Category: Tax
Expert:  Lev replied 7 years ago.

As your original LLCs were partnerships - you woul d need to file a final partnership tax return - form 1065 - - check the box G(2) in the header and distribute all properties to members - final balance should be zero.


The new LLC will pick up depreciation workbook as it was and will continue depreciation the same way.


No any special form required.


Lev and other Tax Specialists are ready to help you