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QUESTIONS & ANSWERS

Emerging Issues and Insights

Q. A partnership’s business is being sold via a sale of partnership interests – is there any way of obtaining the benefit of a pass-through entity (“PTE”) deduction?

A.

If an individual holder of the partnership interest sells the interest there is no PTE deduction, because the partnership interest has not been sold by a flow-through entity. However, if the individual contributes the interest to a newly formed partnership (e.g., with a spouse or other family member), and the recognized partnership sells the partnership interest, a PTE deduction may be available. Care has to be taken to make sure the newly formed partnership has the appropriate “belts and suspenders.”

None of the authors is rendering legal, accounting or other professional advice. If such advice is required, it is strongly recommended that a professional advisor be engaged.

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