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Divesting ownership in a LLC

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What is the name of your state? I live in N.C., but LLC is in S.C.

i own 51% of an LLC; the general manager owns 49%. the
company has had losses over the first 4 years of operation
and consequently, annual tax write-offs were incurred in
a 51 / 49% split.

what are the tax consequences for divesting ownership?
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