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54 T.C. 1621, 1630-1631 (1970). Given this broad grant of
authority, the legislative intent for simplicity, flexibility,
and equity as between the partners, and the fact that each
partner’s distributive share of income, gain, loss, deduction, or
credit generally turns on the partnership agreement, sec. 704(a),
it seems to us that the winding up of HCMP (and hence its
termination) for Federal tax purposes must also be in accordance
with the partnership agreement. In fact, but for a procedural
violation that the trial court stated was committed by Collins as
to the lawsuit, and which the trial court believed made void all
judicial action taken in the lawsuit after October 17, 2000, even
the trial court has concluded that HCMP continues to exist for
State law purposes. The trial court concluded in 2003 that HCMP
was not then wound up, that Collins remained an HCMP partner, and
that Collins, as a partner, was entitled to his share of HCMP
income from November 18, 1998, through the time that the marina
was publicly sold. As the Treasury regulations on the
termination of partnerships are careful to note, a partnership’s
termination under section 708(b)(1)(A) does not occur until the
winding up of its business operations is completed.
Respondent seeks a contrary holding focusing on the fact
that HCMP and its partners other than Collins filed tax returns
reporting that HCMP had been terminated during 1998 and that
Sunroad limited partnership filed a tax return for a period
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