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
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