Property can be transferred to an LLC, partnership or corporation in exchange for your interest in the entity. This transfer is often referred to as a contribution of property to the entity. Special tax rules will affect this. You will generally not have to recognize taxable gain on the contribution of property to the entity for an interest in that entity.
Subscribe to our email list to receive information on consumer webcasts and blogs, for practical legal information in simple English, delivered to your inbox. For more professional driven information, please visit Shenkman Law to subscribe.