Individuals T, U, and V Formed the Calendar Year Trio

question 15

Multiple Choice

Individuals T, U, and V formed the calendar year Trio Partnership in 1981 as equal partners.On June 2, 2012, T died and his interest was inherited by his grandson G, whom U and V welcomed as a new equal partner in their business.On November 13, 2012, V sold his interest to individual B.On January 19, 2013, B sold this same interest to Corporation C.Which of the following statements is accurate?

• A)The original Trio partnership is still in existence for federal tax purposes.
• B)The original Trio partnership terminated for federal tax purposes on June 2, 2012 because T's death dissolved the partnership under state law.
• C)The original Trio partnership terminated for federal tax purposes on November 13, 2012.
• D)The original Trio partnership terminated for federal tax purposes on December 31, 2012.
• E)The original Trio partnership terminated for federal tax purposes on January 19, 2013.

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