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Thanks for the follow up, but this fits right in with my other comments:
"there are net depreciable assets on the balance sheet of over $100,000"
Doesn't apply. So far, your taxpayer didn't buy anything not already owned by the LLC, which is what they bought into. LLC details won't matter. There is no separation or price to establish for tangible and intangible assets, if I buy your LLC from you. Everything comes with it, and the LLC has not changed. The ownership is different, but the LLC just carries on.
That's why I made the remark for valuation: "your taxpayer client paying nearly $70,000 for a 1% stake in the partnership means the partnership valuation is $6 million?" Not buying Assets. Not buying Goodwill. Buying a proportional ownership of a partnership. The LLC is not selling off its parts.
Don't yell at us; we're volunteers