This section considers SP D12, para. 3: Partnership assets divided in kind among the partners.

When a partnership distributes an asset in kind to one or more of its partners, a chargeable gain or allowable loss accrues to those partners who have given up their fractional share in the asset, calculated as if there had been a disposal of the whole asset to a third party at the asset’s market value. Those giving up a share in the asset will accordingly have a chargeable gain or allowance loss.

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