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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