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- how to report the transferee section of form 8308 in a purchase of a partner's interest by a multi-member partnership
how to report the transferee section of form 8308 in a purchase of a partner's interest by a multi-member partnership
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jbellew
Level 1
06-09-2020
06:19 AM
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Partnership has 14 members. The Partnership purchased the interest of one of the partners for $ 26,000. The inside basis of the surviving partners was adjusted by allocating the final inside basis of the departing partner plus the $25,000 to each of the partners. How is the transferee section of form 8308 reported? Is the seller shown as being the Partnership or is a form 8308 reported for each of the surviving partners?
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1 Comment 1
sjrcpa
Level 15
06-09-2020
07:54 AM
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The seller is the one partner who sold his interest to the partnership.
The more I know, the more I don't know.
