My client is thinking of selling his real estate investment, (store rentals). The capital accounts have negative basis, due to refinancing. Is the partnership allowed to do an installment sale? He was told no by an attorney. The question has not come up before.
Thanking you in advance
------------------------------
Michael Rubinstein
CPA
Michael D. Rubinstein CPA, PC
North Bellmore NY
516-900-1429
------------------------------