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Tax implications (Living Trust Vs LLC)
Good afternoon any help with the following question will be appreciated.
What are the tax implications of the following Scenario:
A series LLC owns and controls several series (Each series own real property).
a. This series LLC pays taxes as a partnership (properties and gains do not appear on the individual schedule E, only K1)
b. This series LLC files taxes as a disregarded entity because it was placed inside a living trust. The trust files a 1041 and any distributions are also filed under the trustees K1 section.