Section 121 with LLC

[Sim Xing]

I am an real estate agent and investor in CA. 

Me and my wife have bought a condo and used as our primary residence from 2016 to May 2021.

We rented the house out to tenants in May 2021.

In July 2022, we transferred title of the rental property to an LLC owned by me and my wife(50/50 partners).

In June 2023, we sold the property under the name of the LLC, and resulted a $400k capital gain.

My questions are follows:

1. Are we still qualified for Section 121 Exclusion even if the house was sold under our LLC's name?

2. My current CPA informed me that since the property was owned by the LLC for less than a year, the capital gains would be treated as ordinary income. Is that correct?

3. I will be qualified for Real Estate Professional Status this year, what can I do to minimize my tax liability for 2023?

Would love to get some advice on the situation by BP community

Thanks