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Question 38 4 pts Which of the following statements regarding the process for determining a partnership's tax year-end is true? Only the partners' profits interests
Question 38 4 pts Which of the following statements regarding the process for determining a partnership's tax year-end is true? Only the partners' profits interests are relevant when determining if a partnership has a majority interest taxable year. Under the principal partners test, a principal partner is defined as a partner having an interest of 3 percent or more in the profits or capital of the partnership. The least aggregate deferral test utilizes the partners' capital interests to measure the amount of aggregate deferral. A partnership is required to use a calendar year-end if it has a corporate partner. None of the choices are true
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