For purposes of a partial liquidation, the termination of a business test is a subjective test that should be relied upon only after obtaining a favorable ruling from the IRS.

Question

Quizplus · Accepted Answer

The termination of a business test for a partial liquidation is an objective test based on the facts and circumstances of the case, not a subjective test requiring a favorable IRS ruling.

For Purposes of a Partial Liquidation, the Termination of a Business