Single Owner Deeding Property to Two-Member LLC - Tax Implications?

[Mehran K.]

Hi all! Quick question again. Tried searching on this specific topic and couldn't find anything.

If a single individual person deeds an income property they just acquired to a two-member LLC which they are a member of, (let's say two examples: an LLC with 50/50 ownership % between the two members, and another with an 80/20 ownership %), what are the tax implications of the sale/transfer for the individual selling and the LLC? 

Let's assume the value of the property hasn't changed and is either quit claim or warranty deeded right after the first recording. I read this can either happen as a sale to the LLC, or as a capital contribution  to the LLC by the single individual. Which is a better way and why?

Thanks so much in advance.