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QUESTIONS & ANSWERS

Emerging Issues and Insights

Q. What form has to be filed to report the sale of a partnership (and LLC) interest?

A.

None, if §751 hot assets are not present. But if they are, there is Form 8308, Report of a Sale or Exchange of Certain Partnership Interests. Prior to transfers occurring before January 1, 2023, the form reported only the fact of the existence of §751 hot assets, but not the amount. The form (revised in October of 2023) requires reporting the amount of the hot asset responsibility. Moreover, if the form is required to be filed, a selling partner’s share of any collectibles gain and unrecaptured section 1250 gain must also be reported. Note that the form is not filed in connection with a redemption transaction.

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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