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Old 02-09-2008, 10:31 PM
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Join Date: Jan 2008
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Single member LLC Question
Single member LLC admitted son for 1/6 interest for $60,000 cash. Father,sole member, had basis of $35k and LLC had debt of $109k. Any problems here? Can son do a 754 election? Any advantage of selling larger interest to son, versus letting him be issued new units?
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