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Gains from Partnership and Small Business Stock

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pogo_80

Member
What is the name of your state? IL

I'm in the process of a potential buyout and was wondering if anyone could give me any insight to the capital gain ramifications.

1. I'm selling shares in a small C Corporation. The sale will be for 1 million and my basis is 300k. I don't qualify for the 1/2 exclusion for the sale of small business stock. Would the gain be 15%?

2. I'm also selling my interest in an LLC, which holds commerical rental property and collects rental income. The sale will be for 1 million and my basis is approx 400k. Would the gain be 15% (outside the depreciation recapture) or ordinary income?

Also, if the sale is to a family member, does this pose any problems such as selling property to a family member who will continue to take depreciation on the buildings?

Thank you so much!
 



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