The partnership does not have a natural business year. what, Ask an Expert

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Bob, Kara, and Mark are partners in the BKM Partnership. Bob is a 40% partner and has a June 30 tax year-end. Kara owns a 40% interest in the partnership and has a September 30 tax year-end, and Mark owns the remaining 20% interest and has an October 31 tax year-end. The partnership does not have a natural business year. What is the required tax year-end for the partnership (if no Sec. 444 election is made)?

a.June 30

b.September 30

c.October 31

d.December 31

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9412561

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