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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
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