Description

I need one-time counsel on a few specific questions. Please see below.

For context, I'm a partial owner of an LLC that includes 4 other partners. The LLC owns two empty property lots. I'm in the process of buying out my partners to acquire the empty lots and become a single member LLC.

My questions are:
1. When I sell these lots in the future, what factor(s) will the capital gain be calculated on? What are the constituents for Capital Gain given the circumstances mentioned above?
2. Will the capital gain be based on the original price we purchased the lots at a few years ago? Or, will capital gain be based on the price when buying out my partners share now?

Alternatively, I'm considering opening a new LLC to transfer the empty lots to, from the current LLC. I understand for this option, I'll need to pay the stamp tax. In this scenario, I'm owner in both LLCs, therefore an actual sale won't be happening, with this in mind, what would the stamp tax be calculated on?