LaJoie, Bhatti, and Jenkins are going to form LBJ Partnership. The ownership interests and tax years of the partners are as follows:
Partner Partnership Interest Tax Year-Ends
LaJoie.......................................20%...........................January 31
Bhatti.......................................40%................................June 30
Jenkins......................................40%.........................December 31
According to Reg. § 1.706-1(b) (3), what is LBJ Partnership's required tax year-end? Assume no business purpose for a different taxable year.
a. January 31
b. July 31
c. December 31
d. June 30