When splitting assets, the value of each asset needs to be determined accurately, often with the help of an appraiser, to ensure fair distribution.
The terms of the partnership agreement will usually outline how assets are to be divided upon dissolution, including potential buy-out provisions. All income/loss will be reported to each member on K1
The partners have no gain, and don't report assets other than money. Just have to keep track of their basis for when they sell the asset. see this link for a good explanation of the rules.
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