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The XYZ Partnership is being formed by three partners. Their ownership in the partnership, and tax year ends are listed below. Determine which tax year
The XYZ Partnership is being formed by three partners. Their ownership in the partnership, and tax year ends are listed below. Determine which tax year the partnership can elect without IRS permission. Sept 30 June 30 Dec 31 deferral deferral deferral Total (# Total (# (# Total months) months) months) X 40% 6/30 0 || 9 3.6 6 2.4 Y 30% 9/30 3 0 9 2.7 Z 30%12/31 6 1.8 3.0 0 0 5.1
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Survey of Accounting
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi
3rd Edition
978-1259683794, 77490835, 1259683796, 9780077490836, 978-0078110856
