On January 3, 2010, the partners' interests in the capital, profits, and losses of Able Partnership were
% of capital profits and losses
-Dean: 25%
-Poe: 30%
-Ritt: 45%
On February 4, 2010, Poe sold her entire interest to an unrelated person. Dean sold his 25% interest in Able to another unrelated person on December 20, 2010. No other transactions took place in 2010. For tax purposes, which of the following statements is correct with respect to Able?
a) Able terminated as of February 4, 2010.
b) Able terminated as of December 20, 2010.
c) Able terminated as of December 31, 2010.
d) Able did not terminate.
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