Question
Tom, Eric and Jason share on a 25%, 45%, and 30% basis in a partnership, which reports as a calendar year end. Tom has a
Tom, Eric and Jason share on a 25%, 45%, and 30% basis in a partnership, which reports as a calendar year end. Tom has a tax year of 3/31, Eric has a tax year of 7/31, and Jason has a tax year of 8/31. Tom and Eric with permission of the IRS change to a January 31 year end. The partnership year end:
A) Must be changed to January 31 without any approval from IRS or election of Section 444
B) Must be changed to January 31 absent a Section 444 election
C) Can be changed to the end of any month with a Sec. 444 election
D) Must remain unchanged with a year end of December 31st
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