es Questions derived from Chapter Review questions from Rickets, R. and Tunnell, L. (2022). Practical Guide to Partnerships, LLCs, and S Corporations. River Woods, Illinois: CCH Incorporated. Question 1 3 pts Clyde sold his 5 percent interest in Bluegrass Developers, LLC this year, recognizing a profit of $54,000. The LLC made the election several years ago to be treated as a partnership for purposes of the federal income tax. How soon must Clyde inform the partnership that he sold his interest therein? O by the closing date of the sale by the later of 30 days following the transfer or by January 15 of the year following the year of the transfer O by the earlier of 30 days following the transfer or by January 15 of the year following the year of the transfer O by the earlier of 45 days following the transfer or by January 15 of the year following the year of the transfer