Asset Transfer Between Two Disregarded LLC w/Same Owner

How would you treat an asset transfer between two separate LLCs that are disregarded entities (same owner).

Rather than a name change for his LLC, a person setup a separate LLC. There is only one asset in the first LLC - let's just call it equipment. It was purchased in late 2021 - let's say for $50K fully financed with a loan for $50K. Now he wants to move this asset from the first LLC to the other LLC in 2022. Would this be treated as sale of an asset? The consideration given would be the new LLC would pickup the note on the asset and presumable the finance company will change the name on the note. Could this be a simple transfer of cost and A/D or would deprecation start all over again? The first LLC will be shut down in 2022.

Taxes have not been completed yet. Any advice will help.

Thank you...

Totally disregarded. As if moved from left pocket to right pocket.

ditto. not a taxable event.

Thank you for the responses. I was hopeful that it was as simple as that. However, we are talking about the IRS.

Would you record the sale on a 4797 still?

No.

Just be careful of sales tax/ transfer taxes.

And I sure hope they did not damage the assets that were transferred when they moved them.