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My wife and I own 50% of a general” partnership (GP) that

Customer Question

My wife and I own 50% of a “general” partnership (GP) that does not have a partnership agreement. My brother and his wife own the other 50%.

I have a buyer for my 50% interest in the GP. I want to avoid paying the 100% excise tax that I was told would be due if I sold my 50% interest in the partnership.

My accountant thought that the conditions stated in the WAC 458-61A-101 might allow me to not be charged the excise tax if I transferred only 48% or 49% (less than 50%) of my interest in the partnership to the buyer the first year and then 1% or 2% interest at a time more than 12 months later. He thought that by allowing the buyer to purchase an option as part of the sales agreement I would meet the condition to exempt the excise tax since an “option” does not require the buyer to purchase the remaining interest.

Is this legal to do or do you have another suggestion for avoiding the excise tax?
Submitted: 3 years ago.
Category: Tax
Expert:  lawpro replied 3 years ago.
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Law Pro :

Hi, I'm an expert on Just Answer and will assist you with your question.

Law Pro :

I am not a tax expert in questions such as yours and would have to bow to your accountant's evaluation of the situation. I can redirect your question to our tax experts and they may be able to assist you in the matter.

lawpro,
Category: Tax
Satisfied Customers: 23811
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Expert:  lawpro replied 3 years ago.
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