Tax consequences to change in SMLLC ownership, still a SMLLC
Scenario: A SMLLC was owned by a C Corp and thus included in the Corporation's 1120. The SMLLC was sold; its new owner is an LLC taxed as a partnership. Thus, it is still a SMLLC, but the entity classification has changed. What tax consequences are we looking at? My initial research is pulling up nada. Any thoughts/direction would be appreciated!