Jordan, Incorporated, Bird, Incorporated, Ewing, Incorporated, and Barkley, Incorporated, formed Nothing-But-Net Partnership on June 1 st ,
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Question:
Jordan, Incorporated, Bird, Incorporated, Ewing, Incorporated, and Barkley, Incorporated, formed Nothing-But-Net Partnership on June 1st, 20X9. Now, Nothing-But-Net must adopt its required tax year-end. The partners' year-ends, profits interests, and capital interests are reflected in the table below. Given this information, what tax year-end must Nothing-But-Net use, and what rule requires this year-end?
Nothing-But-Net Partnership | |||
Year-End | Profits | Capital | |
---|---|---|---|
Jordan, Incorporated | 4/30 | 45% | 25% |
Bird, Incorporated | 9/30 | 25% | 25% |
Ewing, Incorporated | 10/31 | 0% | 25% |
Barkley, Incorporated | 12/31 | 30% | 25% |
Related Book For
South western Federal Taxation 2017 Corporations, Partnerships, Estates and Trusts
ISBN: 9781305874336
40th edition
Authors: William H. Hoffman, William A. Raabe , David M. Maloney, James C. Young
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