Orson Was a 40% Partner in the Calendar Year ORP

True/False

Orson was a 40% partner in the calendar year ORP LLC. When Orson died on June 30, the interest transferred to his estate. On October 1 of that year, Yolanda, an unrelated third party, acquired Orson's interest from his estate with the approval of the other LLC members). The LLC's operating agreement provides that a monthly allocation annual income divided by 12) will be used to prorate income when required. For the year, the LLC will issue three Schedules K-1 related to this interest: 1) 20% of the year's income to Orson, 2) 10% to Orson's Estate, and 3)
10% to Yolanda.