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Hi, my name is Mark. I will be happy to help you with your questions. What kind of entity is the photography business (S-Corporation, LLC, C-Corporation, or sole proprietorship)?
Do you own 100% of the LLC's?
Are either of the LLC's treated as S-Corporation's?
You can either move the money from the photography business to you personally and then to the retail business. If you chose this method your capital account in the photography business would decrease and your capital account in the retail business would increase. Another approach would be to transfer the funds from the photography business to the retail business. This could be treated as a loan between the two entities. With either option there should not be a tax impact. As long as you have basis (positive capital account) in the photography business you would be able to take distributions without have a tax impact.
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