Tri-State Partnership has a fiscal year ending June 30. The partnership's four partners have the following ownership percentages and fiscal years: Boulder 40% Owner March 31 Granite 30% Owner December 31 Shale 20% Owner June 30 Slate 10% Owner June 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 Tri-State use to file its tax return?
A. September 30.
B. June 30.
C. March 31.
D. December 31.
Ans: D. December 31.
Business
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