Question reporting exchange of partnership interests. Client owns 50% of 2 partnerships with same partner in both. Client exchanged 50% of 1 for the other making him 100%
Client exchanged 50% of his interest in Partnership 1 for 50% of his partner's interest in Partnership 2 making him no longer a partner in Partnership 1 but making him 100% owner in Partnership 2. How do I report this? Do I file a Form 8824 Like-Kind Exchange?