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Contribution of members in LLC is as follows:
Member 1 <--- 40000 Cash
Member 2 <--- 12000 Cash
Member 3 <--- 6500 of value in equipment
I have Sch. L (1) Cash....... (b) = 0, (d) = 40000 + 12000 = 52000.
(14) Total assets... (b) = 0, (d) = 52000.0
(21) Partners' CA.... (b) = 0, (d) = 52000.0
Member 3 provided totally depreciated equipment prior to contribution. Where do I place the contribution? In cash or somewhere else?
LLc was created in 2011 and the contributions were made in feb, 11. So the (beginning of tax year column b) should be zero for everything and the (end of year column d) should record the contributions? Also discuss any tax issues that i might face.
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