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Yes,. He would have to elect out NOT to report it that way.
Any time that proceeds of sale are received in more than they year OF that sale, installment sale taxation is the default.
See this from IRS:
"An installment sale is a sale of property where you will receive at least one payment after the tax year in which the sale occurs. You are required to report gain on an installment sale under the installment method unless you "elect out" on or before the due date for filing your tax return (including extensions) for the year of the sale.
You may elect out by reporting all the gain as income in the year of the sale on Form 4797 (PDF), Sales of Business Property, or on Form 1040, Schedule D (PDF), Capital Gains and Losses, and Form 8949(PDF), Sales and Other Dispositions of Capital Assets."
Partners are self-employed, a very specific tax term (just as sole proprietors, and LLC members not electing C or S corp taxation).
If this partner received a promissory note he gets installment taxation treatment (again unless he/she wants to pay it all on this year's return)
the partnership is just a passthrough here, not a taxable entity