1. Y&M Associates is a partnership that wishes to retain its fiscal year ending October 31, but it does not meet the business purpose requirement. Therefore, the partnership agrees to make the ‘‘required tax payment.’’ The partnership made a required tax payment for the prior year of $7,000 and earned $300,000 for the fiscal year ended October 31, 2010.

a. Calculate Y&M Associates’ required tax payment for the fiscal year ending October 31, 2010.

$ ____________

b. What is the due date for the required tax payment? ____________