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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 581
Experience:  10 years experience
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An LLC I was a Member of before departing in 2013 has sold a

Customer Question

Hi,
An LLC I was a Member of before departing in 2013 has sold a subsidiary this year, which will result in a lot of taxable income to be distributed to me this year as I still hold ~10% equity stake.
It is my understanding that I may need to move quickly (before end of year) to abandon my interest in the LLC if I want to avoid a massive tax liability. I realize we are painfully close to the end of the year, and I am happy to pay any applicable rates to understand what the best course of action personal-tax-wise would be: abandon, sell, donate (?), assign to existing Member, etc.
Thanks - I really appreciate it.
Submitted: 1 year ago.
Category: Tax
Expert:  PDtax replied 1 year ago.

Hi. I'm PDtax. I'll assist.

Expert:  PDtax replied 1 year ago.

I'll need to review your finances a bit, and the LLC structure to assist. I'll post an Offer of Additional Service for an hour's time to consult. We can work on this later today once you accept.