How Does a Partnership Make a Tax Election for the Current

question 65

Multiple Choice

How does a partnership make a tax election for the current year?

• A) Partnerships make certain elections automatically by simply filing their returns.
• B) Partnerships make certain tax elections by filing a separate form with the IRS.
• C) Partnerships do not need to file anything to make a tax election.
• D) Partnerships do not make tax elections. Partners must make tax elections separately.
• E) Partnerships make certain elections automatically by simply filing their returns, and partnerships make certain tax elections by filing a separate form with the IRS.

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Definitions:

World Price

The international market price of a good or service, determined by global supply and demand.

Importer or Exporter

Entities that are involved in the trade of goods across international borders, where importers bring goods into a country and exporters send goods out of a country.

World Price

The international market price of a good or service, determined by global supply and demand factors.

Importer or Exporter

An entity or country that buys goods from (importer) or sells goods to (exporter) other countries.