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bills uh transfers of partnership interest sales of partnership interest sales across and we left out we talked last class about the consequences to the selling partner um and the most sort of interesting of those consequences are the 751 a high asset gain which would be ordinary income and today we talk about the consequences to the buying partner so the buyer so lets start with looking at the code relevant code sections so lets turn to section 742 of the code section 742 its telling us what the buying partners outside basis uh will be um and it said the outside basis is determined under the ordinary basis rules so if its a purchase of a partnership interest itll be a cost basis so the cost of the partnership would go into the outside basis if you inherit a partnership interest your outside basis would be determined by the date of death fair market value dated death under section 1014 um and would be a up basis or step down to fair market value closely related to that is section
