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A partner in the LLC wants to sell his interest to person S for 100,000. His tax basis in LLC is 135,000. Here are some other facts:

LLC total debt outstanding 105,000 LLC is a cash basis business

LLC receviables from sales to customers 60,000

LLC other tangible assets FMV 300,000 Tax basis 150,000

Every partner afrees that going concern value of LLC is 30,000

How to report this transaction for seller partner?

What's buyer S's initial tax basis in LLC?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92793846

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