A (an individual) and X (a corporation) and Y (a corporation) agree to the formation of...

 

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A (an individual) and X (a corporation) and Y (a corporation) agree to the formation of the AXY partnership (AXY). A is a calendar year taxpayer and will have a 25% interest in the partnership's profits and capital, X has a June 30 fiscal year and will have a 40% interest in the partnership's profits and capital and Y has an October 31 fiscal year and will have a 35% interest in the partnership's profits and capital. What is the partnership's required taxable year? A (an individual) and X (a corporation) and Y (a corporation) agree to the formation of the AXY partnership (AXY). A is a calendar year taxpayer and will have a 25% interest in the partnership's profits and capital, X has a June 30 fiscal year and will have a 40% interest in the partnership's profits and capital and Y has an October 31 fiscal year and will have a 35% interest in the partnership's profits and capital. What is the partnership's required taxable year?

Answer rating: 100% (QA)

The partnerships taxable year must be determined based on the taxable year of its partners acco... View the full answer