Let’s say you own one or more vacant lots. The property has appreciated greatly and you’re ready to sell. Or maybe you have a parcel of appreciated land that you want to subdivide into lots, develop them and sell them off for a big profit. Either way, you’ll incur a tax bill. For purposes of these examples, let’s assume that you own the vacant land directly as an individual or indirectly through a single-member LLC (SMLLC), a partnership or a multi-member LLC that’s treated as a partnership for federal income tax purposes. Here are a couple of scenarios and a strategy to consider. Scenario 1: You simply sell vacant land that you’ve held for investment If you’ve owned the land for more than one year and you’re not classified...