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how to report the transferee section of form 8308 in a purchase of a partner's interest by a multi-member partnership

jbellew
Level 1

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?

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1 Comment 1
sjrcpa
Level 15

The seller is the one partner who sold his interest to the partnership.


Ex-AllStar
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