As you enter the information about your partnership you will check the box that says there was a change in partnership interest for this year. Then, when entering the information about each partner you will indicate that this is the final year for the two partners that are leaving and that there was a change in partnership interest for each partner.
The date that you'll enter is 12/31/24 and you'll change each partner's interest to reflect the new partnership - zero for the two who are leaving and up to 50% each of the two who are staying. That will adjust all of the ownership percentages going into 2025 but should have no real effect on 2024.
The sale of the partnership and the profit from it is entered on the schedule D of the partners who sold their interests. They'll enter the amount that they received for their interests and the basis that they had in the partnership at the end of 2024 as their basis. That basis value should transfer to the two remaining partners for the beginning of 2025 to show that the purchase was completed.
The IRS ended the technical termination rule for all tax years beginning after December 31, 2017 with the TCJA. So you don't need to worry about any of that. All you have to do is change the interests within the partnership.
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