Abandonment of a Partner

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  • phillip240
    Junior Member
    • Feb 2015
    • 4
    #1

    Abandonment of a Partner

    I have a Partnership tax return with many K1s which partners all having interest in land. Each partner has a capital account and their interest ranges from .75% to 9%. One of the partners abandoned his interest of 4.545455% and had a Capital Account of $295,791. How do I treat this item when it comes to the other partners? They will all have an increased % of ownership and their capital accounts will be increased but is their a gain to the other partners? Do they receive taxable income in 2014 due to the increase?
    Tags: abandonment, ownership interest
    • BOB W
      Senior Member
      • Jun 2005
      • 4061
      #2
      What legal proof of abandonment is in your possession?
      This post is for discussion purposes only and should be verified with other sources before actual use.

      Many times I post additional info on the post, Click on "message board" for updated content.

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