For purposes of determining a year-end for the partnership, a principal partner is defined as one who owns 50 percent or more of the partnership.

Question

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A principal partner is typically defined as one who has a significant influence on the partnership, but the specific ownership percentage that qualifies as "principal" can vary and is not strictly set at 50 percent or more for determining a year-end for the partnership.

For Purposes of Determining a Year-End for the Partnership, a Principal