Hi guys,
I have a question if you guys can help me out.
I have a client who is a member of LLC (taxed as C corporation) which has several members.
He (buyer) just acquired 25% of interest from another member (seller) for $20,000 less than what the other member paid for.
At company level, should there be any journal entries to account for that $20,000 change or is that just capital loss on seller member side? Would journal entries simply be dr. seller (equity account) & cr. my client (equity account)?