Question: Without obtaining prior approval from the IRS, a newly formed partnership may adopt a. A taxable year which is the same as that used by

Without obtaining prior approval from the IRS, a newly formed partnership may adopt

a. A taxable year which is the same as that used by one or more of its partners owning an aggregate interest of more than 50% in profits and capital.

b. A calendar year, only if it comprises a twelvemonth period.

c. A January 31 year-end if it is a retail enterprise, and all of its principal partners are on a calendar year.

d. Any taxable year that it deems advisable to select.

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