Rimrock Partnership has a fiscal year ending June 30. The partnership's four partners have the following ownership percentages and fiscal years: Marble 30% Owner March 31 Stone 25% Owner December 31 Brick 25% Owner September 30 Quartz 20% Owner September 30 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. December 31.
C. June 30.
D. September 30.

Ans: D. September 30.

Business

You might also like to view...

A local race car driver who displays advertising on the car is involved in:

A) sponsorship marketing B) event marketing C) mobile marketing D) cause-related marketing

Business

An obligation that organizations have to the public — going beyond the law and profit making — is ________

A) a union free plant B) profit maximization C) social responsibility D) corporate downsizing E) return on investment

Business