Partnership Interest Transfer

[rbnudelman]

Does anyone know if there is a way to transfer a partnership interest in one partnership to another partnership within ProConnect?

[sjrcpa]

Do you mean import a 1065 K-1 to another 1065?

[rbnudelman]

No, I mean to transfer a partner's interest from one partnership to another partnership, both of which are in ProConnect.  I am guessing there is not.

[sjrcpa]

I guess not, too.

But a transfer like this doesn't just happen. There is a sale and purchase, merger, something?

[rbnudelman]

Yes, you are correct.  I have two partnerships with the same two owners that transferred each of their interests into a new partnership.  The new partnership (a Series LLC) now owns all of their rental properties in one entity.  I will just have to show the transfer manually.  Other decrease on the two partnerships and other increase or contribution on the new partnership.