Cerulean, Inc., Coral, Inc., and Crimson, Inc., form the Three C's Partnership on January 1 of the current year. Cerulean is a 50% partner, and Crimson and Coral are 25% partners. For reporting purposes, Crimson uses a fiscal year with an October 31 year-end, Coral uses the calendar year, and Cerulean uses a fiscal year with a February 28/29 year-end. In general terms, how is the required taxable year determined(no calculations required)? Explain. If the required taxable year is, say, October 31, what alternative tax years could the new partnership consider?