warrantY deed ?

[randoggx]

I own property in Texas with 4 partners. The property consists of 2 lots. 3 of the owners are going to sell the larger lot and the 4th owner will keep the smaller lot. The 4th owner has suggested that the 4 owners convey owmership of the small lot to the 4th owner via warranty deed, and the 4 owners convey, via warranty deed,ownership of the larger lot to the 3 owners that wish to sell the larger lot. the idea is to free the 4th owner from being involved with the sell of the larger lot. the 4th owners hope is to not show profit from for selling 1/4 ownership of the large lot or be penalized for retaining full ownership of the small lot. Is this idea logical?

advise appriciated,
The 4th owner

 

[FlyingRon]

You'd definitely want a lawyer to handle this partitioning. If you can make a reasonable argument that the value of the ownership shares before and after shouldn't result in any tax implications.