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Hi and welcome to our site!Yes - you may gift the LLC to your son - that is not an issue.
The basis for gifted assets is the lesser of their fair market value and donor's basis.What is the total value of all assets in your LLC?
*In the US - gift - is not taxable income for the recipient and you do not need to be reported to the IRS.
There is no any amount limit. Please see for reference IRS publication 525 page 31 left column - - http://www.irs.gov/pub/irs-pdf/p525.pdf
Gifts and inheritances. In most cases, property you receive as a gift, bequest, or inheritance is not included in your income. However, if property you receive this way later produces income such as interest, dividends, or rents, that income is taxable to you.
That would be the donor who files form 709 - gift tax return - not recipients of the gift. The gift tax return is required when the total value of the gift is above $14,000 (for 2013) per person per year. There is the lifetime limit ($5,250,000 in 2013) available for US persons. So as long as the total gifted value is below that limit - there will not be gift tax due.
total value is a/r 80000.00. inventory 35000.00 equipment 25000.00 and cash of 15000.00 there are no liabilities. llc is on cash basis.
So far - as a donor - you will be required to file a gift tax return because the total gift value is above $14,000 per person per year.The amount above that threshold $80,000 - $14,000 = $66,000 is "taxable gift" - however there will not be any gift taxes as long as the lifetime limit ($5,250,000 in 2013) is not reached.