Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
Jeanwa: "New business (LLC) with a loan is building a building. It was decided that the building should not be part of the business, but rented from the owner of the land (the business owner). The building wasn't completed at year end 2008."

I think you have a mess, but I am not a tax pro.

Your post indidcates that the LLC took out a loan to build the building. Did the lender require security? Like a lien on the building?

If the building has been transferred without the lender's consent, that is probably an event of default.

What consideration was paid by the owner of the land for the building?

Curiously, JAFO
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.