Tucker Logistics Limited Partnership ("Tucker") has a 20% corporate general partner which uses a July 31 fiscal year and 20 individual 4% limited partners all of whom are on a calendar year. Tucker has a calendar year-end. On the first day of Year 4, 10 of the limited partners sell their interests to the corporate partner. What taxable year must Tucker adopt under IRC §706(b)?

Answer rating: 100% (QA)

Answer Under IRC 706b a partnership must adopt a taxable year that is ide... View the full answer