1-

2-

Sarah, Sue, and AS Incorporated formed a partnership on May 1, 20X9, called SSAS, LP. Now that the partnershlp is formed, they must determIne Its appropriate year-end. Sarah has a 30 percent profits and capltal Interest while Sue has a 35 percent profits and capital Interest. Both Sarah and Sue have calendar year-ends. AS Incorporated holds the remalning profits and capltal Interest In the LP, and it has a September 30 year-end. What tax year-end must SSAS, LP, use for 20X9, and which test or rule requires this year-end? Multiple Choice 12/31, least aggregate deferral test 9/30, majority Interest taxable year 12/31, majorlty Interest taxable year 12/31, princlpal partners test On 12/31/X4, Zoom, LLC, reported a $58,500 loss on Its books. The Items Included in the loss computation were $29,000 in sales revenue, $14,000 in qualified dividends, $21,000 in cost of goods sold, $49,000 in charltable contributions, $19,000 in employee wages, and $12,500 of rent expense. How much ordinary business Income (loss) will Zoom report on Its X4 return? Multiple Choice ($8,000) ($23,500) ($58,500) ($93,500)