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Mark Taylor
Mark Taylor, Certified Public Accountant
Category: Capital Gains and Losses
Satisfied Customers: 1608
Experience:  Certified Public Accountant
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If a Family Limited Partnership sells income producing

Customer Question

If a Family Limited Partnership sells income producing property must the partners declare the taxable long term capital gains if the partnership does not disburse the sale proceeds
Submitted: 7 months ago.
Category: Capital Gains and Losses
Expert:  Mark Taylor replied 7 months ago.

Hi, my name is Mark. I would be happy to help you with your questions.

Expert:  Mark Taylor replied 7 months ago.

The Long-term gain would be allocated to the member of the partnership. It does not matter if the profits are distributed.

Expert:  Mark Taylor replied 7 months ago.

Each member would have his or her share of the gain reflected in a K-1 at the end of the year.

Expert:  Mark Taylor replied 7 months ago.

I hope you found this information to be beneficial. If this answered your question please take a few moments to rate my response. A rating is needed in order for me to receive credit for helping you today. The rating bar is located at the top of the page – ranging from 1 to 5 stars. If you need me to clarify aspect of my response or if there are additional areas of the question that you would like me to consider please let me know. I would be happy to continue the discussion. It has been my pleasure helping you today.

Expert:  Mark Taylor replied 7 months ago.

Please let me know if you have any questions or need clarification. I am happy to help.