Question
how to report the transferee section of form 8308 in a purchase of a partner's interest by a multi-member partnership
Partnership has 14 members. The Partnership purchased the interest of one of the partners for $ 26,000. The inside basis of the surviving partners was adjusted by allocating the final inside basis of the departing partner plus the $25,000 to each of the partners. How is the transferee section of form 8308 reported? Is the seller shown as being the Partnership or is a form 8308 reported for each of the surviving partners?
