Which of the following transactions will not result in, Ask an Expert

Accounting

Which of the following transactions will not result in termination of a partnership for federal tax purposes?

a) The partnership is incorporated.

b) A 70% interest in partnership capital and profits is sold to a third party purchaser.

c) Cash is distributed in liquidation of a 60% partner's interest in a five-partner partnership.

d) A 40% interest in partnership capital and profits is sold to the other partner in a two-partner partnership.

e) None of the above.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M975653

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