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On January 1, the partners’ interest in capital, profits, and losses of Studio Partnership were:
Partners                     Percentages
Ross                                15%
Stone                              35%
Taylor                            50%
On April 9, Stone sold his entire interest to Taylor. For tax purposes, which of the following statements is correct regarding Studio’s status as a partnership?
A.Studio terminated as of January 1.
B.Studio terminated as of April 9.
C.Studio terminated as of December 31.
D.Studio did not terminate

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