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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 (# Total months) months) months) X 40% 6/30 0 Y 30% 9/30 3 9 3.6 6 2.4 0 Z 30% 12/31 6 1.8 3.0 Total 2.7 0 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 (# Total months) months) months) X 40% 6/30 0 Y 30% 9/30 3 9 3.6 6 2.4 0 Z 30% 12/31 6 1.8 3.0 Total 2.7 0 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?

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 2EA: The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after...
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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 (# Total months) months) months) X 40% 6/30 0 Y 30% 9/30 3 9 3.6 6 2.4 0 Z 30% 12/31 6 1.8 3.0 Total 2.7 0 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 (# Total months) months) months) X 40% 6/30 0 Y 30% 9/30 3 9 3.6 6 2.4 0 Z 30% 12/31 6 1.8 3.0 Total 2.7 0 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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