Which tax year can the partnership elect without IRS permission? 6/30 or 9/30

Individual Income Taxes
43rd Edition
ISBN:9780357109731
Author:Hoffman
Publisher:Hoffman
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 2DQ
icon
Related questions
Question
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.
X 40% 6/30
Y 60% 9/30
Total
deferral
(# months)
0
June 30
3
total
0
1.8
1.8
deferral
(# months)
Sept 30
total
101
Which tax year can the partnership elect without IRS permission? 6/30 or 9/30
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. X 40% 6/30 Y 60% 9/30 Total deferral (# months) 0 June 30 3 total 0 1.8 1.8 deferral (# months) Sept 30 total 101 Which tax year can the partnership elect without IRS permission? 6/30 or 9/30
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Partners and Partnerships
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Individual Income Taxes
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
SWFT Individual Income Taxes
SWFT Individual Income Taxes
Accounting
ISBN:
9780357391365
Author:
YOUNG
Publisher:
Cengage
SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
Accounting
ISBN:
9780357233306
Author:
Maloney
Publisher:
Cengage
SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
Accounting
ISBN:
9780357391266
Author:
Nellen
Publisher:
Cengage
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Accounting
ISBN:
9780357391723
Author:
Maloney
Publisher:
Cengage
SWFT Corp Partner Estates Trusts
SWFT Corp Partner Estates Trusts
Accounting
ISBN:
9780357161548
Author:
Raabe
Publisher:
Cengage