Rick, thank you for the detailed explanation. I am aware of the 754 and 743 requirements. So, if we were to clear cut the trees, she would report the same gain ...
So, to summarize, if we sell the partnership for $600k without cutting trees, she receives $60k and pays no taxes. But if we cut trees, keeping the money inside...
Thanks so much for your detailed responses, and while it makes perfect sense, it still raises questions. Let's assume the following: 10 partners, each with a 10...
I guess I should’ve been more specific. What I need to change is her cost basis in the trees, for example. Due to the death of her spouse, her cost basis would ...
