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1. A technical termination of a partnership happens: a. when there is a sale or exchange of a partnership interest. b. when there is a gift or bequest of a partnership interest. c. when a high tech company enters into a partnership agreement with another high tech company and the venture fails d. when there is a sale or exchange of 50% or more of a partner’s profits and capital interest within a 12 month period. 2. A technical termination of a partnership can be avoided by: a. the selling partner gifting enough of his interest to get the amount sold below 50% b. diluting a partner’s interest below 50% so that less that 50% of the partner’s interest is sold. c. sell less than 50% today and wait 12 months and one day to sell the remaining interest. d. All the above. 3. One example of IRD is to the estate of a partner is: a. unrealized receivables of the partnership. b. accrual basis earnings. c. the total value of the partnership interest. d. all the above.

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