Three Partners (A,B & C) own property equally
A = 33-1/3%
B = 33-1/3%
C = 33-1/3%
D = 0%, not a partner currently
D is a son of A
(1) Can A give his share to his son " D" without any tax implixation on either (A or D)?
(2) Will there be any tax issue for B & C
(3) Will "D" have same basis as "A"?
(4) Does "A" need to report any gain or loss personally?
(5) What happens to A's Basis.
Thanks!
Nilesh
A = 33-1/3%
B = 33-1/3%
C = 33-1/3%
D = 0%, not a partner currently
D is a son of A
(1) Can A give his share to his son " D" without any tax implixation on either (A or D)?
(2) Will there be any tax issue for B & C
(3) Will "D" have same basis as "A"?
(4) Does "A" need to report any gain or loss personally?
(5) What happens to A's Basis.
Thanks!
Nilesh
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