Partnership

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  • Duane Anderson
    Member
    • Jan 2010
    • 88
    #1

    Partnership

    Taxpayer is a partnership and owned by two partners 50 /50 each. The partner's capital account was $450,213 each at the beginning of the year.
    During 2023 Partner A bought out Partner B for $40,000. The partnership has a very small loss for 2023. Does this transfer of ownership need to be reported as a loss on "sale" for Partner B and a gain for Partner A. Thanks,,,Duane Anderson
    Tags: None
    • terryats
      Senior Member
      • Jan 2019
      • 258
      #2
      Check this link with examples. https://www.irs.gov/pub/irs-utl/sale...p_interest.pdf

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        • Duane Anderson
          Member
          • Jan 2010
          • 88
          #3
          Thanks,,,but link provided does NOT open.....Duane Anderson

            Comment

            • BOB W
              Senior Member
              • Jun 2005
              • 4061
              #4
              Was there a partnership agreement dealing with the buyout of the partnership?
              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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