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PLEASE HELP QUICK!!! Lenny tells you his lawyer told him he can't afford to put his real estate into an LLC because he will have

PLEASE HELP QUICK!!!image text in transcribedimage text in transcribed

Lenny tells you his lawyer told him he can't afford to put his real estate into an LLC because he will have to pay tax on the difference between his basis in the real estate and the fair market value. What would you tell Lenny? O Get a new attorney O The attorney is confused because his explanation only applies if real estate is put into a corporation O The problem is avoided if Lenny forms a corporation instead of an LLC O The attorney is correct and Lenny should not put his real estate into an LLC What DOES NOT get added to Shareholders' Basis in an S corporation O Loans from shareholders ONet Income O Separately stated items O Loans from banks that are co-signed by the shareholders

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