Two brothers formed a p'ship several years ago. Over they years, they built a few rental houses. They also bought an old house, with the intent to remodel, but never did. They paid approx $7K for the house and property. One partner now wants to take the house over from the partnership, and pay the other partner $18K for his interest in the building. How would this best be handled?
Partnership Distribution
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Two brothers formed a p'ship several years ago. Over they years, they built a few rental houses. They also bought an old house, with the intent to remodel, but never did. They paid approx $7K for the house and property. One partner now wants to take the house over from the partnership, and pay the other partner $18K for his interest in the building. How would this best be handled?