Partnership transfer of interest

[schirallicpa]

Partner #1 in LLC holding 50% interest and basis of 26469 sells his entire interest to partner #2's wife for $500 on Dec 31, 2006.

I do not do tax work for 1st partner. I do tax work for 2nd partner and new (wife) partner. Can it be that simple that she has new basis of $500, and I roll on?

[michaelmars]

ssssssh, it is and now you can charge $1000 for the tax basis calculation!