AOL's shift in strategy from generating revenues via consumer subscriptions to generating revenue via advertising on its website is an example of ________ of the need for change

Which of the following is one of the conditions a partnership must meet to be eligible to make a Sec. 444 election (election to use a tax year that is different from a required tax year)?

A. The partnership establishes a business purpose for a different period. B. The partnership is a member of a tiered structure. C. The partnership must not choose a tax year with a deferral period that is longer than 6 months or with the deferral period of the tax year being changed, if this period is shorter. D. The partnership has not previously had a Sec. 444 election other than to change an election to a shorter deferral period.

Personal observation provides after-the-fact insight into the activity being reviewed

Indicate whether the statement is true or false