The BDC Partnership has three partners with the following partnership interest percentages and tax-year ends: B has

Question:

The BDC has three partners with the following interest percentages and tax-year ends: B has 35 percent ownership and a Dec. 31 year end; D owns 45 percent and has a June 30 year end; and C owns 35 percent and has an Oct. 30 year end. What method must be used to determine the year end and which year end is required?
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...