Is It A Taxable Event To Move A Condo Into An LLC?

My client has a condo with a basis of $250,000 and an accumulated depreciation of $45,000 as of 2014. It was reported as a rental property on Schedule E of Form 1040. However, as of the beginning of 2015, the condo was placed into service as an asset owned by a multi-member LLC. The deed associated with the property was refiled. My questions are as follows: