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AVC partnership has 49 individual partners who each own 1 % of the capital and profits interest and a corporate partner AJAX Inc which is

AVC partnership has 49 individual partners who each own 1 % of the capital and profits interest and a corporate partner AJAX Inc which is on a January 31 year-end and owns 51% of the capital and profits interest of the partnership. The partnership must adopt a January 31 year end. True or False?

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