simplicity
Level 4
08-02-2021
11:24 AM
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Best Answer Click here
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sjrcpa
Level 15
08-02-2021
02:16 PM
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There will most likely be gift tax consequences.
How is the partnership transferring anything? It doesn't own interests in the partnership. Presumably other family members own the interests and they would be making the transfer(s).
The more I know the more I don’t know.
simplicity
Level 4
08-02-2021
03:00 PM
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Thank you for taking time to answer. The only tax would be gift tax! One family partner has decreased his percentage and gave to a son.
sjrcpa
Level 15
08-02-2021
04:10 PM
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You're welcome.
The more I know the more I don’t know.
