This Year, HPLC, LLC, Was Formed by H Incorporated, P

question 65

Multiple Choice

This year, HPLC, LLC, was formed by H Incorporated, P Incorporated, L Incorporated, and C Incorporated. Each member had an equal share in the LLC's capital. H Incorporated, P Incorporated, and L Incorporated each had a 30percent profits interest in the LLC, with C Incorporated having a 10percent profits interest. The members had the following tax year-ends: H Incorporated [1/31], P Incorporated [5/31], L Incorporated [7/31], and C Incorporated [10/31]. What tax year-end must the LLC use?

• A)1/31
• B)5/31
• C)7/31
• D)10/31

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Definitions:

Equilibrium Price

The price at which the quantity of a product offered is equal to the quantity of the product demanded in the market.

Tickets

Documents or electronic codes that grant the holder the right to enter an event, travel on a vehicle, or participate in an activity.

Price

The financial cost of acquiring a good or service.