How is a partnership affected for tax purposes when a partner sells his/her interest in the partnership

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How is a partnership affected for tax purposes when a partner sells his/her interest in the partnership to another person? Assume the partnership does not have a Section 754 election in effect and chooses not to make one.

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CCH Federal Taxation Basic Principles 2020

ISBN: 9780808051787

2020 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

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Question Posted: Feb 27, 2024 03:05 AM

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How is a partnership affected for tax purposes when a partner sells his/her interest in the partnership

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Section 1 Overview of Partnership Taxation A partnership is a passthrough entity for tax purposes which means that the partnership itself does not pay ...View the full answer

CCH Federal Taxation Basic Principles 2020

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