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    #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
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    #2
    Check this link with examples. https://www.irs.gov/pub/irs-utl/sale...p_interest.pdf

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      #3
      Thanks,,,but link provided does NOT open.....Duane Anderson

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        #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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