| When does a Partnership legally terminate for tax purposes?
Generally speaking, a partnership terminates when one of the following events takes place;
1. All its operations are discontinued and no part of any business, financial operation, or venture is continued by any of its partners in a partnership.
2. At least 50% of the total interest in partnership capital and profits is sold or exchanged within a 12-month period, including a sale or exchange to another partner.
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