Multiple Choice
SQRLY LLC has about 25 LLC members.SwanCo (30% owner) and QuinnCo (16% owner) both have June 30 tax year ends.Royce,Inc.; Larry,Inc.; and Yolanda,Inc.each own 4% (12% total) and have September 31 taxable year ends.The other LLC members (42% total) each own interests of 4% or less and use the calendar year (December 31) .Which one of the following statements is true regarding the LLC's taxable year end?
A) The taxable year is determined under the least aggregate deferral rule and is December 31.
B) The taxable year is determined under the least aggregate deferral rule and is June 30.
C) The taxable year is determined under the majority interest rule and is December 31.
D) The taxable year is determined under the principal partner rule and is June 30.
E) The taxable year is determined under the least aggregate deferral rule and is September 30.
Correct Answer:
Verified
Correct Answer:
Verified
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