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Hi James. Welcome to Just Answers. The sale of a partnership interest is a capital transaction reported on Schedule D of your 1040. With the numbers provided your gain would be $46,000. This would be long term capital gain taxed anywhere from 15-20% depending on your circumstance. It could also be subject to the net investment income tax. If the partnership had "hot attest" then some of the gain could be ordinary income. Getting into Hot Asset is a little complex based on your initial question. Let me know if I should continue discussing this.
Keep in mind that you don't pay tax on a per transaction basis. Instead this sale should be reported on your personal return. If you have other capital losses then those could be used to offset this gain.
Inherited property normally gets stepped up to fair market value. I assume some work was done to come up with the 90K when you inherited it?
That sounds reasonable James.
Yes your CPA should no exactly what to do and how to report this. You are required to make estimated tax payments for the year. However you can do this based on the prior year; this is called the safe-harbor method. You should reach out to your CPA and let them know the sale took place and budget for any tax that will be due on April 15.