Handling Private Business Interest for IA (or OIC)

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    Thomas Bridgman
    Participant

    Hi,
    The taxpayer is a limited partner in a private partnership. The 11% interest was inherited from his mother. He has nothing to do with the business. The last 3 years of K-1s show about $19K annually in rental income, with distributions to match. The 2016 amount was only $4K. The K-1 also shows an ending capital account of $40,000.

    I doubt he can sell his interest to anyone except family, and he wouldn’t want to. I don’t know if he really has any cash balance he can withdraw (he’s making delicate inquiries).

    How does this type of asset get handled on the 433?

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