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.X 40% 6/30Y 60% 9/30Totaldeferral(# months)0June 303total01.81.8deferral(# months)Sept 30total101Which tax year can the partnership elect without IRS permission? 6/30 or 9/30

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Which tax year can the partnership elect without IRS permission? 6/30 or 9/30

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

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.
X 40% 6/30
Y 60% 9/30
Total
deferral
(# months)
0
June 30
3
total
0
1.8
1.8
deferral
(# months)
Sept 30
total
101
Which tax year can the partnership elect without IRS permission? 6/30 or 9/30

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