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simplicity
Level 4
August 2, 2021
Solved

Can a family partnership transfer shares to another family partner without tax issue

  • August 2, 2021
  • 3 replies
  • 27 views
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Best answer by simplicity

Thank you for taking time to answer.  The only tax would be gift tax!  One family partner has decreased his percentage and gave to a son.

3 replies

sjrcpa
sjrcpa
Level 15
August 2, 2021

There will most likely be gift tax consequences.

How is the partnership transferring anything? It doesn't own interests in the partnership. Presumably other family members own the interests and they would be making the transfer(s).

The more I know the more I don’t know.
    simplicityAuthorAnswer
    Level 4
    August 2, 2021

    Thank you for taking time to answer.  The only tax would be gift tax!  One family partner has decreased his percentage and gave to a son.

    sjrcpa
    sjrcpa
    Level 15
    August 2, 2021

    You're welcome.

    The more I know the more I don’t know.
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