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 Y 30% 9/30 3 9 3.6 6 2.4 0 Z 30% 12/31 6 1.8 3.0 Total 2.7 ° 9 2.7 00 5.1 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. 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 Y 30% 9/30 3 9 3.6 6 2.4 0 Z 30% 12/31 6 1.8 3.0 Total 2.7 ° 9 2.7 00 5.1 Which tax year can the partnership elect without IRS permission? 6/30 or 9/30 or 12/31?
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 2DQ
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Transcribed Image Text: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
Y 30% 9/30
3
9
3.6
6
2.4
0
Z 30% 12/31
6
1.8
3.0
Total
2.7
°
9
2.7
00
5.1
Which tax year can the partnership elect without IRS permission? 6/30 or 9/30 or 12/31?
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