Marc is a calendar-year taxpayer who owns a 30% capital and profits interest in the MN Partnership. Nancy sells the remaining 70% capital and profits interest to Henry on October 31. The partnership year-end is March 31 as permitted by the IRS for business purpose reasons. The MN Partnership
A)terminates on March 31.
B)terminates on October 31.
C)terminates on December 31.
D)does not terminate.

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The Answer of Marc is a calendar-year taxpayer who owns a 30% capital and profits interest in the MN Partnership. Nancy sells the remaining 70% capital and profits interest to Henry on October 31. The partnership year-end is March 31 as permitted by the IRS for business purpose reasons. The MN Partnership
A)terminates on March 31.
B)terminates on October 31.
C)terminates on December 31.
D)does not terminate.

Marc Is a Calendar-Year Taxpayer Who Owns a 30% Capital