On November 1, 2014, Kerry and Payne, each of whom was a 20 percent partner in the calendar year partnership of Roe Co., sold their partnership interests to Reed, who was a 60 percent partner. For tax purposes, the Toe Co. partnership:

a. Was terminated as of November 1, 2014

b. Was terminated as of December 31, 2014

c. Continues in effect until a formal partnership dissolution notice is filed with the IRS.

d. Continues in effect until a formal partnership dissolution resolution is filed in the office of the county clerk where Roe Co. had been doing business.