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?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 43P

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