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Stephen, I own 60% of a Tx LP within another Tx LP. I'm wanting…

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Stephen, I own 60% of...
Stephen, I own 60% of a Tx LP within another Tx LP. I'm wanting to 1031 my share for oil & gas WI and NRI. how do I take partner out & does undrilled interest count? Ron
Submitted: 2 years ago.Category: Tax
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6/11/2015
Tax Professional: Stephen G., Sr Income Tax Expert replied 2 years ago
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,439
Experience: Extensive Experience with Tax, Financial & Estate Issues
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Hello, my name is***** & I'll be helping you today. My goal is to give you a complete & accurate answer that you can understand.
I'm sorry but I'm not an expert as to what constitutes a like-kind exchange when it comes to Oil & Gas Proprieties; particularly in terms of undefined direct LP interests & subsidiary LP interests.
Initially, it would not seem to qualify under 1031, but as I said I'm not able to be certain as I am not an Oil & Gas expert. I will opt-out and see if there is another expert available who does work with Oil & Gas exchanges. Generally, you would find such experts in Oil exploration areas, in Texas, Oklahoma, & California.
.
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Tax Professional: Jonathan Tierney, Certified Public Accountant (CPA) replied 2 years ago
Jonathan Tierney
Jonathan Tierney, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 323
Experience: Tax Accountant at Praxair, Inc.
Verified
Hello, my name is ***** ***** I'll be helping you today. My goal is to give you a complete & accurate answer that you can understand.
Partnership interest are not eligible for an IRC 1031 exchange. See IRS Publication 544: http://www.irs.gov/publications/p544/ch01.html#en_US_2014_publink100072443
You can consider distributing the partnership assets to yourself and/or the other partner. How this is done depends on your partnership agreement. As a 60% owner you may have the right to buy the other partner out or liquidate the partnership and have property interests distributed to all partners. You did not mention if you were a general partner or just a limited partner. If you are a general partner you may have the authority to liquidate the partnership. However, all the rights of the general and limited partners would be spelled out in the contract, and each agreement is unique.
If you want you can contact me and I can also review the partnership agreement to determine what your options are.
I hope this answers your question... Let me know if I can explain this further. Thanks.
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Jonathan Tierney
Jonathan Tierney, Certified Public Accountant (CPA)
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