DR. VALERIYA AVDEEV
Consider the following hypothetical: A sole owner and member of a New York Limited Liability Company (LLC) contemplates an exchange of five condominium units and some monetary consideration for three cooperative apartments. All of the properties are located in the improving neighborhoods of New York City. The LLC has been renting all of the condominium units to tenants on short-term leases, fully furnished. Furthermore, LLC owns all of the condominium units free and clear of debt. Recently however, the owner of the LLC became concerned about the financial stability of the condominium units, yet does not wish to sell the units in a taxable transaction. Continue Reading…
