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Question 5 5 pts 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 months) (# months) Total (# months) Total X 40% 6/30 0 Y 30% 9/30 3 6 3.6 6 2.4 0 0 9 2.7 Z 30% 12/31 6 1.8 3.0 Total 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 5 pts 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 months) (# months) Total (# months) Total X 40% 6/30 0 Y 30% 9/30 3 6 3.6 6 2.4 0 0 9 2.7 Z 30% 12/31 6 1.8 3.0 Total 2.7 0 0 5.1 Which tax year can the partnership elect without IRS permission? 6/30 or 9/30 or 12/31?

Accounting
Accounting
27th Edition
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Chapter12: Accounting For Partnerships And Limited Liability Companies
Section: Chapter Questions
Problem 12.4EX
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Question 5 5 pts 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 months) (# months) Total (# months) Total X 40% 6/30 0 Y 30% 9/30 3 6 3.6 6 2.4 0 0 9 2.7 Z 30% 12/31 6 1.8 3.0 Total 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 5 pts 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 months) (# months) Total (# months) Total X 40% 6/30 0 Y 30% 9/30 3 6 3.6 6 2.4 0 0 9 2.7 Z 30% 12/31 6 1.8 3.0 Total 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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