| Commentary

35.1 Introduction

| Commentary

35 Partnership

35.1 Introduction

A member of a partnership, whether a general one or a limited liability one, may realise his share in that partnership in a number of different circumstances. One such situation is of course where the partnership as a whole sells its business to another party or parties. Another is where the partners decide to wind up the business. A third case is where the partner decides to leave an ongoing partnership, assuming that this is permitted by the agreement between the partners1.

In all of these cases, the tax consequences are similar to those

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