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John and Derek, both calendar - year taxpayers, each own a 2 0 % interest in Partnership WXYZ . Elite 1 8 , Inc., a
John and Derek, both calendaryear taxpayers, each own a interest in Partnership WXYZ Elite Inc., a corporation whose fiscal year ends on July of each
year, owns a interest in Partnership WXYZ Partnership WXYZ has not established a business purpose for using a different tax year, nor has it made a fiscal year
taxyear election. On what date will Partnership WXYZs taxable year end?
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