360: OPEN FORUM SHOW - Answering Difficult Tax, Legal & Business Questions
Main Street Business
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Capital Gains in Partnerships
Brother sister and an llc own a property. Sister says, buy me out. Brother says, no problem. Writes her a check. There's no way you're going to not pay capital gains. He has now more outside basis. He bought her llc, interest out. Now the good thing is there's no depreciation recapture. You're just going to have a capital gain on the sell of your l o c. Interest, yes. And i agree with mat capital gains.
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