Tax implication: Transferring property from on LLC to another LLC
Looking for some insights into tax implication (if at all) of transferring a property from one LLC to another. Some more details:
-Old LLC owns a bunch of properties, has one shareholder.
-New LLC owns nothing yet, and 80% owned by Old LLC shareholder and 20% by an additional shareholder.
-Wish to move the property to New LLC as cleaner and wish to take out loan with the additional shareholder as a part owner.
-Property is in IL, LLCs incorporated in MO but doing business in IL.
I noticed that even with a Quitclaim Deed, in Illinois you need to submit a Illinois Declaration of Value form alongside which is what has raised some questions.
Any advice and help will be much appreciated! Thank you :)