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Question 5 The XYZ Partnership is being formed by three partners. Their ownership in the partnership. and tax year ends are listed below. Determine which tax year the partnership can elect without IRS permission. June 30 Sept 30 Dec 31 deferral deferral deferral (# Total (# Total months) months) (# Total months) X 40% 6/30 0 Y 30% 9/30 3 9 3.6 6 2.4 0 0 Z 30% 12/31 6 1.8 3.0 Total 2.7 9 2.7 0 0 5.1 Which tax year can the partnership elect without IRS permission? 6/30 or 9/30 or 12/31?

Question 5 The XYZ Partnership is being formed by three partners. Their ownership in the partnership. and tax year ends are listed below. Determine which tax year the partnership can elect without IRS permission. June 30 Sept 30 Dec 31 deferral deferral deferral (# Total (# Total months) months) (# Total months) X 40% 6/30 0 Y 30% 9/30 3 9 3.6 6 2.4 0 0 Z 30% 12/31 6 1.8 3.0 Total 2.7 9 2.7 0 0 5.1 Which tax year can the partnership elect without IRS permission? 6/30 or 9/30 or 12/31?

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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Question 5 The XYZ Partnership is being formed by three partners. Their ownership in the partnership. and tax year ends are listed below. Determine which tax year the partnership can elect without IRS permission. June 30 Sept 30 Dec 31 deferral deferral deferral (# Total (# Total months) months) (# Total months) X 40% 6/30 0 Y 30% 9/30 3 9 3.6 6 2.4 0 0 Z 30% 12/31 6 1.8 3.0 Total 2.7 9 2.7 0 0 5.1 Which tax year can the partnership elect without IRS permission? 6/30 or 9/30 or 12/31?
Transcribed Image Text:Question 5 The XYZ Partnership is being formed by three partners. Their ownership in the partnership. and tax year ends are listed below. Determine which tax year the partnership can elect without IRS permission. June 30 Sept 30 Dec 31 deferral deferral deferral (# Total (# Total months) months) (# Total months) X 40% 6/30 0 Y 30% 9/30 3 9 3.6 6 2.4 0 0 Z 30% 12/31 6 1.8 3.0 Total 2.7 9 2.7 0 0 5.1 Which tax year can the partnership elect without IRS permission? 6/30 or 9/30 or 12/31?
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