The owner of a business set up an LLC and transferred ownership of the business into the LLC. He then (within one year) received an offer to purchase the LLC, which he wants to accept.
If this LLC is taxed as a single-person disregarded entity, is the sale of the business owned by the LLC a capital gain (short term in this case)? Or is it treated as disregarded and handled like the sale of any other business?
Thanks for any insight you may have.