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Author: Jeanwa Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121180  
Subject: Re: Husband-Wife Business Date: 2/13/2005 12:14 PM
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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.

This is what you have done. Your husband's interest in the partnership was transferred to you. Just because you didn't actually pay him some money for it doesn't mean anything. The partnership has terminated.


Interesting.

You do realize this is a community property state and 1/2 of the assets still belong to the partner/husband.

I would think that since the old C was closed...you would have to open a new one, if you're going to do it that way.

IF they had a Federal ID #. Would the ID# have changed to the partnership, when it first went to partnership?

jean
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