Buyout of Tenant in Common in rental property

[Oskar Havas]

I own a rental property together with my business partner through an LLC (title is held as TIC). We purchased the house for $500k several years back. I plan on moving into the property as my personal residence now, and I am buying him out from the LLC (and ultimately the property) by paying him $75k, based on a theoretical property market value of $500k. We did a buyout agreement for the transfer of his interest on the LLC. We are also having him sign a quit claim deed in order to forego his interest in the property. My questions are the following:

1. Does the amount recorded as consideration on the deed have an affect on any future tax liabilities for either of us? We are thinking of just recording a nominal $10 to minimize recording taxes.

2. What will be my new basis in the property after this transaction for the calculation of any future capital gains assuming I sell one day in the future and the property is converted back to a rental at some point?