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:

Offeree

is the person or entity to whom an offer is made, especially in the context of contracts, who has the power to accept or decline the offer presented.

Wrong Address

An incorrect or inaccurate address used in mailing or delivery, leading to misdelivery or non-receipt of items.

Acceptance

Acceptance in contract law refers to the express or implied agreement to the terms of an offer, forming a binding contract.

Expressly Stated

Expressly stated refers to something clearly and directly communicated in words, with no need for interpretation or inference.