Business, 20.03.2020 18:43 dragpack70

Fern, Inc., Ivy Inc., and Jason formed a general partnership. Fern owns a 50% interest and Ivy and Jason each own 25% interests. Fern, Inc. files its tax return on a July 1 - June 30 fiscal year; Ivy Inc. files on a September 1 and Jason is a calendar year taxpayer. Which of the following statements is true regarding the taxable year the partnership can choose?
A) The partnership must choose the calendar year because it has no principal partners.
B) The partnership must choose an October year-end because Fern, Inc., is a principal partner.
C) The partnership can request permission from the IRS to use a January 31 fiscal year under § 444.
D) The partnership must use the "least aggregate deferral" method to determine its "required" taxable year.
E) None of the above items are true.

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Fern, Inc., Ivy Inc., and Jason formed a general partnership. Fern owns a 50% interest and Ivy and J...

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