The XYZ Partnership is being formed by three partners. Their ownership in the partnership, and tax year ends are listedbelow. Using the least aggregate deferral method in the table below, determine which tax year the partnership can elect.June 30Sept 30 DecXdeferral(# months)30% June 30 035%Sept 3035% Dec 31Total01.12.1deferral(# months)3.29031YZTotalWhich tax year can the partnership elect without IRS permission? 6/30 or 9/30 or 12/31?3.0Totaldeferral(# months)2,.7 63.80Total1.8O

The least aggregate deferral method is the method that helps in determining the tax year which…

The XYZ Partnership is being formed by three partners. Their ownership in the partnership, and tax year ends are listed below. Using the least aggregate deferral method in the table below, determine which tax year the partnership can elect. June 30 Sept 30 Dec 31 X Y Z deferral (# months) 30% June 30 0 35% Sept 30 35% Dec 31 Total 0 1.1 2.1 deferral (# months) 9 0 3.0 Total 2,7 deferral (# months) 6 0 Total 3.2 3.8 Which tax year can the partnership elect without IRS permission? 6/30 or 9/30 or 12/31? Total 1.8 0

The XYZ Partnership is being formed by three partners. Their ownership in the partnership, and tax year ends are listed below. Using the least aggregate deferral method in the table below, determine which tax year the partnership can elect. June 30 Sept 30 Dec 31 X Y Z deferral (# months) 30% June 30 0 35% Sept 30 35% Dec 31 Total 0 1.1 2.1 deferral (# months) 9 0 3.0 Total 2,7 deferral (# months) 6 0 Total 3.2 3.8 Which tax year can the partnership elect without IRS permission? 6/30 or 9/30 or 12/31? Total 1.8 0

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 2DQ

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The XYZ Partnership is being formed by three partners. Their ownership in the partnership, and tax year ends are listed below. Using the least aggregate deferral method in the table below, determine which tax year the partnership can elect. June 30 Sept 30 Dec 31 deferral deferral deferral (# Total Total (# months) months) (# months) Total June X 30% 0 0 30 6 1.8 Sept Y 30% 3 0.9 9 2.7 30 Dec Z 40% 6 2.4 31 Total 3.3 0 0 4.5 Which tax year can the partnership elect without IRS permission? 6/30 or 9/30 or 12/31?
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