Alpha Partnership is on a fiscal year ending March 31. Partner Alf reports income on the fiscal year ending March 31, and Partner Omega reports income on the fiscal year ending September 30. Both partners have a 50% interest in partnership profits. Assuming the partnership does not make a Sec. 444 election and does not establish a business purpose for a different period, what tax year must the partnership use to file its tax return?
A. March 31.
B. Any month end.
C. December 31.
D. September 30.
Ans: A. March 31.
Business
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Personal income tax debts are not discharged by declaring personal bankruptcy
Indicate whether the statement is true or false
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