Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Fern, Inc., Ivy Inc., and Jason formed a general partnership, each contributing equally. Fern, Inc. files its tax return on a July 1 - June 30 fiscal year; Ivy Inc. files on a September 1 - August 31 fiscal year; and Jason is a calendar year taxpayer. Which of the following statements is true regarding the taxable year the partnership can choose? (select the best answer and describe your answer)

a. The partnership must choose the calendar year since it has no principal partners.

b. The partnership can choose the taxable year of any of its "principal partners" without obtaining IRS permission.

c. The partnership can choose a January 31 fiscal year without obtaining IRS permission, if the partnership can prove that the January 31 fiscal year will reduce the cost of preparing the partnership tax return.

d. The partnership can choose the taxable year that provides for the "least aggregate deferral" without obtaining IRS permission.

e. None of the above.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M947681

Have any Question? 


Related Questions in Accounting Basics

Assignment expected value and consumer choicesexpected

Assignment: Expected Value and Consumer Choices Expected Value and Consumer Choices Consumers' choices are prey to subtle discrepancies that arise in cognitive accounting. Learning how and when you are prey to these disc ...

Assessment cloud on-line accounting and systems

Assessment: Cloud On-line Accounting and Systems Documentation You are working as an accountant in an accounting firm. You have been approached by the owner of "Splash!" a start-up business that sells swimming accessorie ...

Sarbanes oxley requires that per section 404 that internal

Sarbanes Oxley requires that per Section 404 that Internal Controls within a publicly held company are to be reviewed, evaluated and tested at year end to insure that adequate controls are in place. In addition to unders ...

1 you are the manager of a payroll system your company is

1. You are the manager of a payroll system. Your company is going to replace the legacy payroll system with a more robust, Web-based version. Suggest two approaches that would minimize downtime and interruption to the pa ...

Internal control procedures are required for all

Internal control procedures are required for all transaction cycles within an accounting cycle. This week you are addressing the control procedures that would be the most effective in the general ledger and reporting sys ...

Tf question1under the modified accrual basis of accounting

T/F QUESTION 1 Under the modified accrual basis of accounting, there is no matching principle and no attempt to amortize costs that benefit multiple periods. 2 In fund accounting, expenditures may be classified in differ ...

Excel spreadsheet and 1-2 pagesconsider the following

Excel Spreadsheet and 1-2 pages Consider the following scenario: Andre has asked you to evaluate his business, Andre's Hair Styling. Andre has five barbers working for him. (Andre is not one of them.) Each barber is paid ...

Accountingscenariothe park family consists of the

Accounting Scenario: The Park family consists of the following: • Jackie O. Park; age 40; SSN: XXX-XX-XXXX; business analyst; single; unmarried • Leslie T. Park; age 16; SSN: 000-00-0000; daughter; high-school student; l ...

1 if a bartender can somehow accumulate extra liquor and

1. If a bartender can somehow accumulate extra liquor, and does not register the extra drinks, which of these activities could be spotted by the analytical methods we studied? A. The bartender steals the extra liquor B. ...

Accounting anonymousabsorption and variable costing please

Accounting Anonymous Absorption and Variable Costing: Please respond to one of the following: Option 1 Create a situation for determining performance evaluations and bonuses where absorption-costing operating income is u ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen