Real Estate Transaction - General Ledger Question

[Donna Jones]

• HELLO ALL:
• * Our two-member LLC (husband and wife) purchased a tract of investment property.
• * Our son contributed $$ to our LLC towards the purchase of the investment tract with the agreement that any gain at sale will be proportionately divided between the three parties.
• *    On the books our son's contribution was treated as a loan, but we now realize his gain would be reported as ordinary gain and not eligible for long term capital gain.
• * My plan is to (1) create a new LLC with 3 members (husband, wife and son); (2) quitclaim deed from original LLC to new LLC; (c) sale after 12 months would be capital gain to all members.

But this is where I get stuck. How do I document this transaction in the ledgers of both the old and new LLC?

Any help will be much appreciated!