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Not sure of the complete context of your question, but partnerships don't pay taxes; if any income is generated by the partnership, the income is passed on to the partners and the partners pay taxes on it...............
In a partnership (if that's how you are organized), income distributions don't trigger tax liability for the partners. Income generated by the partnership is taxed to the partners via the K-1s whether the income is distributed or not; the partnership doesn't pay income taxes itself; it is merely a "pass-through" entity; a sale or Exchange may be taxable when the exchange is made, so you'll need to be aware of how that rule applies to your specific circumstances...........Please remember to hit the accept button & thanks for using our service.
Sorry to belabor this request but some more information has come to light. My currency dealer has offered to exchange our invested currency for gold or silver rather than a cash transfer. I understand that if I were to take the cash in the partnership and purchase gold or silver, the partners would owe tax on the first deposit. However, if we were to re-invest in foreign currency we could delay the tax liability until we liquidated the new invested currency. Is that correct? Secondly, if the currency dealer stored gold or silver for us would it still be considered part of the original investment?