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:

Domestic Labor

Work performed within the household, such as cleaning, cooking, and childcare, often undervalued and disproportionately assigned to women.

Care Giving

The act of providing care and assistance to individuals who need help due to various reasons such as age, illness, disability, or vulnerability.

Socially Constructed

Pertaining to concepts, categories, or conditions defined by societal norms, values, and interactions rather than innate biological factors.

Shift With Social Changes

The process of adaptation or transformation in response to evolving societal norms, values, and structures.