George (A Calendar Year Taxpayer) Owns a 40% Interest in the Cash-Basis

Essay

George (a calendar year taxpayer) owns a 40% interest in the cash-basis GLO LLP. GLO has a natural business year ending March 31. George has found another opportunity and would like to sell his interest on July 1 of the current tax year to new partner Monica. What are some of the issues that should be considered by George, Monica, and GLO?