Topic Thread

Sale of partnership interest

  • 1.  Sale of partnership interest

    Posted 12 days ago
    My client has 20% of a partnership that owns a commercial building. The client would like to sell his interest in the partnership.  Is it better to have the partnership buy back his interest or the other partners buy it? (I understand that the property could be dropped out to Tenants in Common and then within proper time parameters do a 1031 - but that is not needed). 
    Thanks in advance for any suggestions/guidance on this.

    Jay M. Menachem, CPA 300 Garden City Plaza, Suite 410 Garden City, New York 11530 Tel: 516-877-9277  Fax: 516-877-9677   Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties.Privileged and Confidential - this communication and any attachments are confidential and privileged. They are intended for the sole use of the addressee. If you receive this transmission in error, you are advised that any disclosure, copying, distribution, or the taking of any action in reliance upon this communication is strictly prohibited. If you have received this communication in error, please contact me at the above email address. Thank you.
     
       
       
       
       
       
       
       
       
     
       


  • 2.  RE: Sale of partnership interest

    Posted 11 days ago

    Either way is fine as you can still do a Section 754. I just recently did it for a client where the partnership bought out the partner.

     

     

     

     

     

    Vincent J. Preto, CPA

    Senior Partner

    Wagner & Zwerman LLP

    201 Old Country Rd. Suite 202

    Melville, NY 11747

    Tel. (631) 777-1000 Ext. 340

    Fax  (631) 777-1008 

     

     

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