Transferring Members of an LLC - Tax Consquences
I'm currently managing a commercial (15-unit residential) building in the Bronx, NY that is held under an LLC by a 100% sole-member.
The member is looking to fully transfer the corp. stake to a family member, making that person 100% sole-member.
Ownership of the building remains the same (as the LLC), but it's members are changing.
Is there a tax consequence involved? Is this still considered a sale with required transfer taxes?