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9. Eli Kalbach, a calendar-year taxpayer, is a partner in a partnership which for many years has reported its income on a January31 fiscal year.
9. Eli Kalbach, a calendar-year taxpayer, is a partner in a partnership which for many years has reported its income on a January31 fiscal year. Explain why Kalbach claims that he is permanently deferring 11 months of partnership income by using this reporting method.
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