Taxability of Cares Act Grants

[Tim Hoffman]

I posted this for a CPA originally but thought I would open up to the rest of the BP family. 

My background; I have been a landlord/investor in Illinois for about 21 years. I currently have 2 LLC's the oldest of which was established in 2001 and the other in 2005. All said and done we (my wife and I are each 50% owners) own 78 SFH that we rent - split fairly equally between the 2 companies. I have maintained both LLC's thru my attorney, filed the required informational tax returns for each (every year) and let the income flow thru the K-1 onto my wife and my personal tax returns.

Because of some local legal issues and expenses I am seriously considering dissolving both LLC's and transferring all assets into our personal name and continuing to do what I do only as a DBA. I know all the pro/con of an LLC vs DBA and still think I want to do this and use some of the cost savings to increase insurance coverage to offset the perceived increase in liability

My question(s) are as follows: 1) Are there any tax consequences to transferring the LLC assets into our name (again we are the owners of the LLCs) ? 2) Are there any specific forms we need to give the IRS or just check the box "this is the final return" ? 3) If there are tax consequences is there a way to minimize them? 4) Does it matter if we transfer into both our names or if we transfer into only one of us? (again we are happily married for over 30 yrs). 4) Anything I am overlooking? I assume my basis in the properties will continue as the basis in my/our name. Thank you for any guidance you can provide.