My LLC has some raw, unimproved land under contract with closing in less than 60 days. Since we are buying this property well below market, we’d like to sell half of it right after closing. What are the tax implications? I believe that it is true that as long as the proceeds of the sale don’t exceed the original purchase price (a.k.a no profit), then there is no tax due, but I may be wrong.
Please advise! thanks