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Posted by spshaffer on January 19, 2007, 8:25 pm
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Afternoon,
Just started an LLC this year with three other members.
Additionally, we have two employees.
The two employees were given "value" in the company. These
shares were basically a "B Share" scale (no voting rights,
etc.) whose value was calculated based on the value of the
company based on assets, etc.
In November one of the employees had to leave the company
due to an illness, and "sold" his shares back to the
company, and we issued him a check for the amount.
Now that it is tax time, what should we be printing out for
him so that he enters it on his Schedule D? 1099-B?
1099-MISC?
Thanks,
Steve
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