Which of the Following Is Not an Acceptable Partnership Tax

question 44

Multiple Choice

Which of the following is not an acceptable partnership tax year?

• A)The tax year used by any principal partner
• B)The tax year used by the partners who own a majority interest
• C)A tax year that results in only a 2-month deferral of income for the partners
• D)C's tax year if C owns more than 50 percent of the partnership

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Definitions:

Segment Assets

These are the specific assets that are attributed to a company's business segment, helping to analyze performance by division.

Cash Balances

The total amount of cash or cash equivalents that a company has accessible at any given time.

GAAP

Generally Accepted Accounting Principles; a framework of accounting standards, principles, and procedures used in the compilation of financial statements to ensure accuracy and fairness.

Interim Reporting

Financial statements prepared and published at intervals less than a fiscal year, typically quarterly or semi-annually, to provide updates on a company's performance.