Continuing partnerships.

§ 18.34 Continuing partnerships. If, under the laws of the particular State, the partnership is not immediately terminated on death or insolvency of a partner, but continues until the winding up of the partnership affairs is completed, and the surviving partner has the exclusive right to the control and possession of the partnership assets for the purpose of liquidation and settlement, the surviving partner may continue to operate the plant under the prior qualification of the partnership. If the surviving partner acquires the business on completion of the settlement of the partnership, such partner shall qualify in his own name from the date of acquisition, as provided in § 18.35. The rule set forth in this section also applies where there is more than one surviving partner. (Approved by the Office of Management and Budget under control number 1512–0046) [T.D. ATF–104, 47 FR 23921, June 2, 1982, as amended by T.D. ATF–381, 61 FR 37003, July 16, 1996; T.D. TTB–91, 76 FR 5477, Feb. 1, 2011]