A(n) ________ is a classification of people in an organization according to authority and rank

Which one of the following statements regarding a partnership's tax year is true?

A. A partnership formed on July 1 is required to adopt a tax year ending on June 30. B. Within 30 days after a partnership has established a tax year, a form must be filed with the IRS as notification of the tax year adopted. C. A partnership may elect to have a tax year other than the generally required tax year if the deferral period for the tax year elected does not exceed 3 months. D. A "valid business purpose" can no longer be claimed as a reason for adoption of a tax year other than the generally required tax year.

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Indicate whether the statement is true or false