Will Revenue Ruling 2024-14 Apply to Any Farmers
The IRS is trying to prevent basis shifting between partners. This may apply to some farmers.
The IRS just issued Revenue Ruling 2024-14 dealing with basis shifting among partners.
Basis shifting occurs when a partner has outside basis in their partnership interest that is greater than its inside basis and certain assets are transferred to the partner usually in return for the liquidation of the partnership interest (but not always).
