The Partnership ?Technical Termination? Trap

A sale or exchange of 50% or more of the total interest in a partnership?s capital and profits within a 12-month period causes the tax year of the partnership to close.

Source: http://feedproxy.google.com/~r/AICPA_TaxAdvisor/~3/dp-85e94yz4/clinic-story-10.aspx

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