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Old 01-07-2019, 02:55 PM
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Join Date: Jan 2019
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Gain on involuntary conversion LLC question

Our LLC suffered a fire in February 2018. We have a $70,000 gain on the insurance proceeds versus depreciated basis on our assets. When I report the info on form 4684 it flows to form 4797 thru my LLC correct? And can I offset the gain from involuntary conversion with a $80,000 capital loss carryforward on my personal return?

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