single member llc with another llc being the single member

[Jeff D.]

I have rental property held in an LLC (#1). The sole member of that LLC is another LLC (#2) of which I'm the sole member. So since single member LLC's are disregarded, then LLC #1 is disregarded and it all passes to LLC #2, which is also disregarded, then on to my personal Schedule E right? As if LLC #2 didn't really exist? Have I got that right? thanks!

[Natalie Kolodij]

Did you hear this at a guru seminar? Just curious ....