I am advised by the Revenue Commissioners that this is a very broad question, the answer to which would depend upon a number of factors. This being so it is not possible to give a detailed answer to the question without knowing the specifics of the case involved.
The Revenue Commissioners have advised me that the implications for a farmer and one of his or her children entering into a partnership, presumably to jointly carry on the trade of farming would be no different to the implications for any two other people entering into a partnership for the purposes of carrying on any trade or profession. One of the issues which all partners in a farming partnerships need to consider is whether or not the partnership qualifies for, and whether or not they wish the partnership to be, a 'registered farm partnership' which can avail of increased stock relief.
Detailed guidance on registered farm partnerships is available on the Teagasc website at:
http://www.teagasc.ie/advisory/farm-partnerships/