A nicely done concise treatment on 754. My question is how to account in the balance sheet and such if the partnership (3 others in a 4 person partnership) are buying 1 out using excess cash sitting in the partnership made in payments over several years? What paperwork would be issued to the bought out partner in each of the years? We will be doing 754 treatment, luckily there are only a few assets, an expensive commercial building and an automobile, no loans.
