The XYZ Partnership Is Held by Ten Partners Who Have

question 33

Essay

The XYZ Partnership is held by ten partners who have the following capital and profits ownership of the partnership.The tax year-end used by each of the ten partners is also indicated.Assume each partner has used this year-end for at least five years. What is the required year-end for the XYZ Partnership,assuming that the business has no natural business year and has not filed a Sec.444 election?

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Definitions:

Midaxillary Line

An imaginary line running vertically down the surface of the body passing through the apex of the axilla (armpit).

Cardiology

The study of the heart and its diseases.

Voltage

A measure of electromotive force.

Electromotive Force

A difference in potential that provides the energy per unit charge necessary to move charge from one point to another, commonly used in relation to electric circuits.