Question: Cobb, Danver, and Evans each owned a one-third interest in the capital and profits of their calendar-year partnership. On September 18, 2010, Cobb and Danver

Cobb, Danver, and Evans each owned a one-third interest in the capital and profits of their calendar-year partnership.

On September 18, 2010, Cobb and Danver sold their partnership interests to Frank, and immediately withdrew from all participation in the partnership. On March 15, 2011, Cobb and Danver received full payment from Frank for the sale of their partnership interests. For tax purposes, the partnership

a. Terminated on September 18, 2010.

b. Terminated on December 31, 2010.

c. Terminated on March 15, 2011.

d. Did not terminate.

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