obviously as a SMLLC it's a disregarded entity and form a tax perspective it is owned by an LLC> but if he does not want the LLC name involved then he should just distribute the property out of the LLC to himself personally prior to executing the transaction then the 1031 will be done in his own name.
A distribution of property (other than cash) from an LLC will not result in a taxable transaction.
Vincent J. Preto, CPA
Senior Partner
Wagner & Zwerman LLP
450 Wireless Blvd.
Hauppauge, NY 11788
Tel. (631) 777-1000 Ext. 340
Fax (631) 777-1008
**********************************************************************************************************************************************************************
This email, and any attachments to it, may contain information that is privileged, confidential, and exempt from disclosure under applicable law. If the reader of this email is not the intended recipient, you are notified that any use, dissemination, distribution, copying, or communication of this email is strictly prohibited. If you have received this email in error, please notify the sender immediately by return email and delete the email and any attachments.
Unless specifically stated otherwise, the written advice in this e-mail or its attachments is not intended or written to be used for the purposes of avoiding penalties that may be imposed under the Internal Revenue Code.
Original Message------
Good morning! I have a client in the process of performing a 1031 exchange. He is selling a building owned by an LLC (He is the only member). He would like to purchase 2 properties however to be owned under his personal name (for refinancing purposes). Is the change in ownership from LLC to an individual allowed under a 1031 exchange? Thank You
------------------------------
NIEUCHOWICZ, CPA PC
29 South Central Ave
Valley Stream, NY 11580
Phone (516) 791-7599
nieuchcpa@gmail.com
------------------------------