Purchasing LLC vs. Real Estate - Depreciation Impact

[Paul Haviland]

If someone purchases an LLC (that owns the real estate) as opposed to purchasing the real estate, is there a tax implication regarding my ability to depreciate the LLC's Assets. For example, if the prior owner has depreciated the assets in the LLC for 10 years, does my basis reset when I purchase the LLC?

Note: The seller wants this because it will help him avoid a transfer tax. It will be advantageous to me because it will not automatically re-trigger the property to be reassessed. Also, I recognize the implications when purchasing a business of taking on liability for past events of the LLC.

Thanks in advance for the help/input (My CPA already left for the weekend :))