FACTS: AB LLC: September 30, 2023 - A sold 50% of the LLC's assets to B. B is sole remaining member of the LLC; therefore, partnership is now terminated.
B will report October - December P&L on his 1040, Schedule C.
A will report gain on his 1040 resulting from the sale of his portion of the LLC assets - which includes A/R, depreciable assets, supplies on hand (not inventory) and goodwill.
My question: Since this is essentially a partnership liquidation - is Form 8308 required with the Final 1065? It is not technically a transfer of partnership interest since there is no longer a partnership.
Thank you for your help with this. My brain is going in circle.
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