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dc.contributor.authorTauer, Loren W.
dc.descriptionA.E. Ext. 85-28
dc.description.abstractMany of the difficulties associated with discussing partnerships stem from ignorance that there are often three levels of ownership associated with a partnership. First, individual partners may own property that they lease to the partnership. Second, the partnership owns property referred to as "tenancy in partnership." Third, each partner owns a partnership interest. Each of the three types of property has a market value and each has its separate tax basis. It is possible for a partnership to sell property, a partner to sell his or her partnership interest, and a partner to sell property he or she had leased to the partnership. Adequate records are necessary to compute the taxable income upon the sale or transfer of any property interest.
dc.publisherCharles H. Dyson School of Applied Economics and Management, Cornell University
dc.titleA Primer on Buy-Sell Arrangements for Farm Partnerships

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