Hello Davis ,
What forms or any concern should you advise me for this similar question?
Such as
1. Disclosure to IRS about transfer interest, what forms?
2. Tax consequences
3. Report K 1 for each partners (existing partner A, added partner D and no-longer partners of B and C)
The facts are
Existing Partner A 75%, Partner B 20% and Partner C 5% beginning 2023 . Capital of the partnership is 100k (I made up the number for easy calculate)
Partner A and new partner D buy out interest of B and C (D give A 25k , B 20k and C 5K)
After transfer interest on August 2023, partner A 50% and new partner D 50% (capital each 50k/50k). Distributed money to partner B and C exact the amount they put in capital initial $20k and $5k . B and C has NO GAIN OR LOSS
Your advice would be appreciate
I love Turbo tax and Intuit community
