NEWS
Ask the Taxman by Andy Biebl
Andy Biebl DTN Tax Columnist
Mon Sep 26, 2011 11:07 AM CDT

DTN Tax Columnist Andy Biebl is a CPA and principal with the accounting firm of LarsonAllen in New Ulm and Minneapolis, Minn., and a national authority on ag taxation. His monthly features also appear in our sister publication, The Progressive Farmer magazine. To pose questions for upcoming columns on DTN, email AskAndy@telventdtn.com

Question:

Can a partnership buy out an individual partner, or do the partners, as individuals, need to make the purchase from the departing partner?

Answer:

Either approach to buying out a retiring or departing partner is acceptable. In many cases, it is more practical to have the entity ...

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