Hey everyone!
I have a couple of tax issues I'm working on for a cannabis client and I want to make sure I'm doing it right....
There is 3 partnership interest buyouts ... so I'm trying to figure out the selling partners' gain along with the buying partners' basis.
What I've landed on is to follow section 741 in terms of coming up with the selling partners' gain, and I'm having the buying partners step into the basis of the selling partners.
Because there is a going concern for this company, does it make sense to do a 754 election?
Also, does my treatment of gain & basis sound right?