Which of the following statements is true regarding the sale of a partnership interest?

Select one:

a.

The selling partners share of partnership liabilities is disregarded in determining the proceeds from the sale of a partnership interest.

b.

For purposes of computing the selling partners gain or loss, the partners basis in the partnership interest is determined as of the last day of the partnership tax year ending before the year in which the interest is sold.

c.

If a partner sells an interest in a partnership, income related to that interest for the year of the sale is allocated to the purchaser.

d.

The selling partner could be required to report both ordinary income and a capital loss on sale of the partnership interest.