TAXMAN Posted January 27, 2016 Report Posted January 27, 2016 TP and dad(72 years old) own a small business and run it as a partnership. Very small contractor with assets consisting of only cash and 1 fully depreciated old truck. Dad has deceided to give his half interest in partnership to TP's wife. TP does 95% of work. Dad has taken very little out the past 5 years. Question becomes can I continue this partnership on with TP and Spouse or do I have to shut it down. Spouse would help where she could (ie day to day schedules, bookkeeping fielding phone calls as TP and dad have no real office). What do think? Quote
DANRVAN Posted January 28, 2016 Report Posted January 28, 2016 Transfer of partnership interest by gift, bequest, or inheritance will not trigger a technical termination. 2 Quote
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