RECOMMENDED!!LLC profit and losses – selling interest in LLC

  

LLC profit and losses – selling interest in LLCTony had a 40% interest in the Apollo LLC’s profits and
losses. The balance in his capital account was -$240,000 (negative capital).
The LLC’s only liability was $1,000,000 nonrecourse mortgage.a. What would be the tax consequences to Tony if he sold
one-half of his interest in the LLC to Zach for $100?
b. What would be the tax consequences for Tony if Zach
became a partner by making a capital contribution and as a result Tonya’s
interest in the partnership profit and loss was reduced to 20%?

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