Question

Gail and Harry own the GH Partnership, which has conducted business for 10 years. The bases for their partnership interests are $100,000 for Gail and $150,000 for Harry. GH Partnership has the following assets:
Gail and Harry sell their partnership interests to Keith and Liz for $307,000 each.
a. Determine the tax consequences of the sale to Gail, Harry, and GH Partnership.
b. From a tax perspective, would it matter to Keith and Liz whether they purchase Gail's and Harry's partnership interests or the partnership assets from GH Partnership?


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  • CreatedSeptember 09, 2015
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