Reporting sale of partnership interest

Partner buys out other partners and then closes partnership.

There are no hot assets.

How do you report transferor's gain?

Do you mean in the partnership return (a statement) or on the partner's Form 1040?

Capital gain. See IRC § 741 and Rev. Rul. 99-6.

Thanks for your responses and follow up questions.

Yes, how do we notify on partnership return.

In other words, how do we alert the partner's preparer and the IRS?

The main mention of change is marking the K-1s and supporting information as final. I love to know if there is more than that the taxpayer and his preparer should be notified by doing that. Also if any "hot assets" involved in the balance sheet more reporting may be necessary,