A and B are equal partners in the AB partnership and are calendar year taxpayers. The AB partnership is on a June 30th fiscal year. Determine the tax consequences, if any, in the following alternative circumstances;

a. A sold his partnership interest to B on September 30.

b. A and B agreed in the prior year to terminate the partnership and on that date sold the partnership's operating assets for cash. The proceeds of sale were placed in a money market fund in the name of the partnership. When the account matured on July 1, the proceeds were distributed to A and B.

c. A died on June 30. The partnership agreement provides that A's estate will be the owner of his partnership interest which will be liquidated through distributions over a six-month period. What result? What if the agreement provided for immediate liquidation of the partnership interest with payment by the partnership over a period of time?