Bob, Kara, and Mark Are Partners in the BKM Partnership

question 95

Multiple Choice

Bob, Kara, and Mark are partners in the BKM Partnership. Bob is a 40% partner and has a June 30 tax year-end. Kara owns a 40% interest in the partnership and has a September 30 tax year-end, and Mark owns the remaining 20% interest and has an October 31 tax year-end. The partnership does not have a natural business year. What is the required tax year-end for the partnership (if no Sec. 444 election is made) ?

• A)June 30
• B)September 30
• C)October 31
• D)December 31

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Definitions:

Sociometric Status

Sociometric status refers to a measurement of social standing within a group, based on the extent to which individuals are liked or accepted by their peers.

Aggressive

Behaving in a hostile or violent manner that is intended to dominate or intimidate another individual.

Joking

The action of telling jokes or engaging in humorous conversation to amuse others.

Cooperative Strategies

Approaches and tactics employed by individuals, groups, or nations to work together towards common goals, emphasizing mutual benefits.