Tax question on Syndicating an asset you already own

[David Besins]

I recently acquired a decent size Flex Asset in the PHX market, we are in the last phase of leasing it up, and have quite a few requests from investors to get in on the deal. 

I am looking at starting a syndication with this asset. One issue came up and need your help:

The stabilized value will be $20M 

Debt: $12M

I was going to raise $4M for 50% and keep the other 50% (I really like the space-great credit tenant-I pushed hard to get 4.5% increase - newer built-best location etc.)

TAX issue: My basis in the asset is closer to $5M (50%=2.5M) when raising $4M for 50%, how can I structure to not incur a taxable event?

Thank you