Electing tax status for LLC planning to buy land and resell some

[Todd Willhoite]

Some partners and I are purchasing a large parcel of land.  We will probably sell off some large parcels to pay down the debt on the remaining property and then hold some of the land indefinitely.  Trying to figure out the best tax status for holding the property.  Some of the partners develop land for a living, I don't.  Should the llc buying the land be taxed as a partnership or s-corp?  Thinking about self employment tax ramifications and distribution ramifications.  On the long term hold, I can see the individuals wanting to have the property distributed to them individually.  If have a S-corp then it will probably be treated as a sale when the property is distributed.  If it is a partnership then the distribution would not be a taxable event.  Am I thinking correct?  Anyone have recommendations?