Swift, Inc., Heron Inc., and Canary formed a general partnership. Swift owns a 50% interest and Heron and Canary each own 25% interests. Swift, Inc. files its tax return on a July 1 - June 30 fiscal year; Heron Inc. files on a September 1 - August 31 fiscal year; and Canary is a calendar year taxpayer. Which of the following statements is true regarding the taxable year the partnership can choose?
The partnership can request permission from the IRS to use a January 31 fiscal year if it can establish that as a natural business year.
Answers: 2
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Swift, Inc., Heron Inc., and Canary formed a general partnership. Swift owns a 50% interest and Hero...
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