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Business & farm
As a retired IRS agent I can say the sale or transfer of a partnership interest has a boatload of tax issues for all parties. Even when no money is exchanged. Issues include the basis for the new owner (both inside and outside basis) and taxable gain or loss for the old owner. You should discuss with a tax professional for all the details. For TurboTax treat this as a sale for $1.
March 1, 2024
1:48 PM