Solved
When one partners buys out the other partner in a partnership, is the partnership automatically dissolved?
1. Parner A buys out Partner B for $10,000. Since Partner A is now the sole owner of the company can he file a final return for partnership and file as a sole proprietor?
2. Partner B tax basis is $11,222. Does this create a loss for Partner B?
3. What if X purchases Partner B's interest for 10,000. Does Partner X assume Partner B's basis at $11,222 or $10,000?
