There is a limited partnership (an LLC taxed as a partnership) that owns various assets.
If I buy interests in the partnership from existing limited partners at an arbitrary price, how is the cost basis of the assets computed.
For example, lets say it owned:
1 Oz of Gold worth $1887 at time of writing but acquired 5 years ago for $1300
2 shares of Tesla worth $663 at time of writing but acquired 5 years ago for $38 pre-split
1 Bitcoin worth $26,000 at time of writing but acquired less than one year ago (9 months) for $5500
This has a total value of $29,213.
and I bought 100% of the LP at a premium for $30,000, which has no revenue or debt or additional intellectual property. Assume I just like the name of the LP and that myself and all relevant parties agreed to a price 🤷♂️ so we can all just focus on the real question:
What is my cost basis of the LP's assets?
For example, do I inherit the cost basis of the gold's $1300 purchase price and long term capital rates?
Please include sources.