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4. A permitted tax year for a partnership may be automatically elected, used, or approved in the following circumstances, EXCEPT: a. a business purpose b.
4. A permitted tax year for a partnership may be automatically elected, used, or approved in the following circumstances, EXCEPT:
a. a business purpose
b. the same tax year as a majority of its partners
c. any year, so long as the partnership makes a required payment and the deferral is not more than three months
d. a calendar year
e. the same tax year as the principal partners
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