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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29771
Experience:  Taxes, Immigration, Labor Relations
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My friend and I each owned 50% interest in 4 LLCs. In Sept

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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: 8 years ago.
Category: Tax
Expert:  Lev replied 8 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.


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