Sale Of Partnership Interest Example
Description
How to fill out Sample Partnership Interest Purchase Agreement Between Franklin Covey Company, Daytracker.com, Et Al?
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FAQ
Partnerships file Form 8308 to report the sale or exchange by a partner of all or part of a partnership interest where any money or other property received in exchange for the interest is attributable to unrealized receivables or inventory items (that is, where there has been a section 751(a) exchange).
Sale of a partnership interest generally gives the selling partner capital gain. Section 751, however, recharacterizes a portion of the amount realized as ordinary income to the partner, at times even in the absence of realized gain.
To enter a portion of the gain from the sale of a partnership interest, as ordinary income and capital gain, on Form 4797, Sales of Business Property, Part II, Line 10, the sale will need to be entered as two transactions in Screen 17, Dispositions.
Partnerships are generally guided by a partnership agreement, which may allow or restrict transfers of partnership interest. Partners must follow the terms of the agreement. If the agreement allows it, a partner can transfer ownership stakes in terms of profits, voting rights and responsibilities.
A sale of a partnership interest occurs when one partner sells their ownership interest to another person or entity. The partnership is generally not involved in the transaction. However, the buyer and seller will notify the partnership of the transaction.