Tax Consequences Question

[Clive Trucks]

Say I was gifted a commercial building that I operated a bar/restaurant in and it was appraised for $2MM.

Then I "sell" the building into an LLC, which I would also own, for $800k.

That price of $800k is because a lender will offer 70% of the purchase price - not the appraised value - and I need a total of $560k to pay off a lien and take some cash out.  

What is my tax consequence? What could I write off potentially? Is it normal for a lender to base their loan on the purchase price and not the appraised value in a circumstance like this?

[Basit Siddiqi]

@Clive Trucks

What did your accountant say when you asked him about these transactions?

Selling a property from one person to another entity can result in a taxable transaction.

You were gifted the property initially so it is unclear what your tax basis is.

Furthermore, you are discussing an LLC with more than 1 member - That is potentially a partnership for tax purposes.
On top of that you are contributing a property that may have a tax basis different than what the FMV is.

You need to discuss these items with a CPA and get everything straightened out.