Slater Slopes is a newly formed ski resort partnership with a natural business year ending May 31. The ownership and tax years of its three partners are as follows:
Partner Partnership Interest Tax Year-Ends
A. Slater....................................20%...............December 31
Excelsior Enterprises......................40%...............November 30
Pinnacle Productions.....................40%...............November 30
Which of the following is an acceptable year-end for Slater Slopes? Consider both § 706 and § 444.
I. May 31
II. November 30
III. September 30
a. II only
b. I and II only
c. I only
d. I, II, and III