(a) General rule. — An existing special partnership shall be considered as continuing if it is not terminated. A special partnership shall be considered as terminated only if:(1) The revocation of the election to operate as a special partnership is requested, or the election is revoked on the Secretary’s own motion, as provided in § 30581(b) of this title.(2) Any of the requirements stated in § 30551 of this title are not met.(3) The partners agree to terminate the existing special partnership for a valid business reason. The termination shall be effective from the date of notice thereof.(b) In the case of a merger or consolidation of two (2) or more special partnerships, the resulting special partnership shall be considered the continuation of any merging or consolidating special partnerships whose partners own an interest of more than fifty percent (50%) in the capital and the profits of the resulting special partnership. History —Jan. 31, 2011, No. 1, § 1114.11, retroactive to Jan. 1, 2011.