PLEASE THROUGHLY EXPLAIN!

Question 3 Crimson, Inc. and Indigo, Inc. are equal partners in the CI Partnership. Crimson uses the calendar year, and Indigo uses a fiscal year ending August 31. CI Partnership does not have a natural business year. What is the required taxable year for CI Partnership? Clearly discuss the three required tests for determination of a partnership's taxable year and whether CI Partnership meets the requirements of each test.

Crimson, Inc. and Indigo, Inc. are equal partners in the CI Partnership. Crimson uses the calendar year, and Indigo uses a fiscal year ending August 31. CI Partnership does not have a natural business year. What is the required taxable year for CI Partnership? Clearly discuss the three required tests for determination of a partnership's taxable year and whether CI Partnership meets the requirements of each test