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There are 40 equal limited partners in GL Partnership, 20 of whom are calendar year taxpayers and 20 of whom have May 31 taxable years.
There are 40 equal limited partners in GL Partnership, 20 of whom are calendar year taxpayers and 20 of whom have May 31 taxable years. Each limited partner owns a 2 percent interest in GL. The general partner, G, owns 20 percent of GL. G is a calendar year taxpayer. GL properly adopted a calendar taxable year. Assume that there is no business purpose for any specific taxable year. In July of year 2, G sells his partnership interest to X, who has a March 31 taxable year. Which of the following years is GL's required taxable year? Question 2Select one: a. March 31 b. May 31 c. July 31 d. December 31
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