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I need help in sorting out whether this is a taxable event and how to handle the transactions that transpired. Below is the circumstance: 1) Six individuals transferred land with a mortgage to a LLC. The partnership held a special meeting to assume the mortgage on the land and the debt would be divided among the members of the partnership. The members of the partnership include 60% to a S Corp, 20% to one individual and 20% to another individual. Four of the members that transferred the property are shareholders in the S Corp and the other 2 individuals are spouses of 2 of the shareholders. 2) A Quit Claim Deed was used to transfer the property to LLC, however, the bank is unaware of the transfer and consider the six individuals liable for the loan. Further the bank has no knowledge of the LLC assuming the liability for the loan. 3) No partnership interest was given to any of the individuals that transferred the property. 4) No appraisal was done on the property at the time of the transfer.