The XYZ Partnership is being formed by three partners. Their ownership in the partnership, and tax year ends are listed below. Using the least aggregate deferral method in the table below, determine which tax year the partnership can elect. June 30 Sept 30 Dec 31 deferral deferral deferral (# Total Total (# Total (# months) months) months) June X 30% 0 0 30 9 1.8 Sept Y 30% 3 0.9 9 2.7 30 Z 40% Dec 31 6 2.4 Total 3.3 0 0 4.5 Which tax year can the partnership elect without IRS permission? 6/30 or 9/30 or 12/31?

The XYZ Partnership is being formed by three partners. Their ownership in the partnership, and tax year ends are listed below. Using the least aggregate deferral method in the table below, determine which tax year the partnership can elect. June 30 Sept 30 Dec 31 deferral deferral deferral (# Total Total (# Total (# months) months) months) June X 30% 0 0 30 9 1.8 Sept Y 30% 3 0.9 9 2.7 30 Z 40% Dec 31 6 2.4 Total 3.3 0 0 4.5 Which tax year can the partnership elect without IRS permission? 6/30 or 9/30 or 12/31?

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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