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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 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 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 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?

Individual Income Taxes
Individual Income Taxes
43rd Edition
ISBN:9780357109731
Author:Hoffman
Publisher:Hoffman
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 2DQ
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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 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 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 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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