Client is currently a sole trader and is bringing his son into partnership with him. There is currently a herd basis election in force and I appreciate that a fresh election is required for the new partnership. Does the "cessation" of the sole trade effectively give rise to a disposal of the herd (albeit tax-free) and the new partnership "acquires" the herd at current market values of the animals?
13th Feb 2012
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Herd basis and partnership changes
Herd basis and partnership changes