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b) A, B, and C form the ABC Partnership, which does not have a business purpose for using a particular tax year. A uses a calendar year, B uses a fiscal year ending in March, and C uses a fiscal year ending in AUgust. The profit percentages for the partnership is: A, 15%; B, 45%; C, 40%.

b) A, B, and C form the ABC Partnership, which does not have a business purpose for using a particular tax year. A uses a calendar year, B uses a fiscal year ending in March, and C uses a fiscal year ending in AUgust. The profit percentages for the partnership is: A, 15%; B, 45%; C, 40%.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please help me with part B
a) The BR Partnership on January 1, 2021 was formed from two corporations, B and R. Neither B nor R is a personal service corporation, and BR is not a tax shelter. BR's gross receipts were $22,000,000, $28,000,000, $34,000,000, and $36,000,000, respectively, for 2021 to 2024. Indicate the methods of accounting available to BR in each tax year. 2021: TCC Nal, Ceusl, Hybrid 2022: ACC rual.cash, Hybrol 2023:AceNal * Acc nal 2024: b) A, B, and C form the ABC Partnership, which does not have a business purpose for using a particular tax year. A uses a calendar year, B uses a fiscal year ending in March, and C uses a fiscal year ending in August. The profit percentages for the partnership is: A, 15%; B, 45%; C, 40%. What year-end must the partnership use?
Transcribed Image Text:a) The BR Partnership on January 1, 2021 was formed from two corporations, B and R. Neither B nor R is a personal service corporation, and BR is not a tax shelter. BR's gross receipts were $22,000,000, $28,000,000, $34,000,000, and $36,000,000, respectively, for 2021 to 2024. Indicate the methods of accounting available to BR in each tax year. 2021: TCC Nal, Ceusl, Hybrid 2022: ACC rual.cash, Hybrol 2023:AceNal * Acc nal 2024: b) A, B, and C form the ABC Partnership, which does not have a business purpose for using a particular tax year. A uses a calendar year, B uses a fiscal year ending in March, and C uses a fiscal year ending in August. The profit percentages for the partnership is: A, 15%; B, 45%; C, 40%. What year-end must the partnership use?
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