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B is corrent. The requirement is to determine the correct statement regarding the termination of the Mulford Partnership. A partnership is terminated for tax purposes when there is a sale or exchange of 50% or more of the total interests in partnership capital and profits within any 12-month period. Since Tim sold his 20% interest on January 7, 2012, and Rick sold his 25% interest on July 7, 2012, there has been a sale of only 45% of the total interests in partnership capital and profits. Therefore, the partnership did not terminate.
A is incorrect. The sales of interests totaled less than 50%. 
A is incorrect. The sales of interests totaled less than 50%. 
D is incorrect. The sales of interests totaled less than 50%.