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  • 1.  can you do an installlment sale when the partnership has negative basis

    Platinum Most Valuable Member
    Posted 11-01-2024 09:57 AM

    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



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    Michael Rubinstein
    CPA
    Michael D. Rubinstein CPA, PC
    North Bellmore NY
    516-900-1429
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  • 2.  RE: can you do an installlment sale when the partnership has negative basis

    Platinum Most Valuable Member
    Posted 11-01-2024 11:28 AM

    I would be very interested in seeing the comments here

    BTW   I would think the negative capital account would have no bearing.  But I do learn by listening and reading., not talking.

     

    So I will be watching these comments

     

     

    Abby Alhante,  CPA

     

    Kurcias & Alhante, LLC CPAs

    525 Broadhollow Road  Suite 104

    Melville NY  11747

    516.829-5890  Ext  2   Fax 516-829-3976

    Mobile 516-381-9301

    AbbyA@KurciasAlhanteCPAs.com

    ( E mail response preferred )

     

     






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