Multiple Choice
Fern,Inc. ,Ivy Inc. ,and Jason formed a general partnership,each contributing equally.Fern,Inc.files its tax return on a July 1 - June 30 fiscal year;Ivy Inc.files on a September 1 - August 31 fiscal year;and Jason is a calendar year taxpayer.Which of the following statements is true regarding the taxable year the partnership can choose?
A) The partnership must choose the calendar year since it has no principal partners.
B) The partnership can choose the taxable year of any of its "principal partners" without obtaining IRS permission.
C) The partnership can choose a January 31 fiscal year without obtaining IRS permission,if the partnership can prove that the January 31 fiscal year will reduce the cost of preparing the partnership tax return.
D) The partnership can choose the taxable year that provides for the "least aggregate deferral" without obtaining IRS permission.
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
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