Revenue Ruling 99-6 and Section 1031: Bob and Jon’s Excellent Adventure—Part II
Bob and Jon were the members of Apartment LLC, an LLC taxed as a partnership, with Bob owning a 40% membership interest and Jon owning a 60% membership interest. Apartment LLC owned a small apartment building as its only asset. Things were going well with the apartment building.
One day Bob decided he would liquidate his assets and move to Mexico, where Continue Reading …