I'm sorry I am not relaying this correctly. This is what happaned.

The partnership still owns assets, and the new partner bought into the partnership, and the value of the assets are part of the justification for the buy in.

The original partnership was father and son 50/50 ownership.  The son steps out leaving 100 ownership to dad and the dad sold 99% to the new owner.  This all occurred at the same time, same paperwork filed.