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The XYZ Partnership Is Held by Ten Partners Who Have

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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. 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? 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?


Definitions:

Married Filing Jointly

Filing status for married taxpayers who chose to fill out separate income tax returns.

Head of Household

A tax filing status for individuals who are unmarried and provide home support for a qualifying person.

Federal Tax Withheld

The portion of an employee's paycheck that is taken by the employer and sent directly to the federal government as partial payment of income tax.

Tax Refund

The reimbursement of excess taxes paid by a taxpayer to the government over the course of the tax year.

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