What are the tax consequences to a partner who sells his or her partnership interest if the

Question:

What are the tax consequences to a partner who sells his or her partnership interest if the partnership has Sec. 751 assets (i.e., unrealized receivables or inventory items)? What is the reason for this result?

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...

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