The ABCZ partnership was formed for the purpose of developing tracts of land. A, B, and C are individual limited partners and Z, a corporation, is the sole general partner. The corporation has a 20 percent interest in the part- nership and has substantial assets other than its partnership interest. The partnership agreement provides that limited partners can transfer in- come interests only with the consent of the general partner and further pro- vides that the limited partners can freely transfer their capital interests only after first offering such interests to other members of the partnership at fair market value. The partnership agreement also provides that the partnership will continue for 30 years, notwithstanding the death, insanity, bankruptcy retirement, resignation, or expulsion of any member of the partnership. If the 30-year provision is held to be ineffective, the partners agree that if one of the above events occurs to the general partner they will continue the part- nership with a newly elected general partner. a. How should the organization be classified for tax purposes? Assume alternatively that Z corporation has a 15 percent interest in the organization and has no assets other than its interest in the ABCZ part- nership. b. In what way, if any, would your answers to (a) and (b) above change if Z corporation were an individual? c. Same as (b) above, except that A and B each own 30 percent of Z corpo- ration. d. Same as (b) above, except that Z owns 30 percent of ABCZ and the part- nership agreement provides that the limited partners may replace the general partner at will. e