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- Sale of partnership - on Form 1065 or on 1040 Form 4797/Sch D
Sale of partnership - on Form 1065 or on 1040 Form 4797/Sch D
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gparch1
Level 3
02-19-2024
07:16 AM
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Client sold 1065 LLC partnership to another person in 2023 who was not a partner. Both partners sold their share of the partnership. Is the sale of the partnership reported as a capital gain on on the Form 1065 filing, or is it reported as a sale of the partnership and recorded on Schedule D for Form 1040? This was not an installment sale but a sale for cash paid completely in 2023.
There were no assets other than goodwill, and there was no inventory or receivables. The sale of the partners' interests terminated their partnership. I Since there were no receivables or inventory involved in the sale, it seems that Form 8308 is not required.
3 Comments 3
gparch1
Level 3
02-19-2024
11:18 AM
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The sellers were the two partners. They sold their partnership interests. There were no assets other than goodwill.
