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An LLC I was a Member of before departing in 2013 has sold a

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Hi, An LLC I was a...
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
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Answered in 2 hours by:
12/22/2015
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 year ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,712
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Hi. I'm PDtax. I'll assist.

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Tax Professional: PDtax, Certified Public Accountant (CPA) 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.

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