The XYZ Partnership Is Held by Ten Partners Who Have

question 65

Essay

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?

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Definitions:

Work Sharing

Reducing the number of hours employees work to avoid layoffs when there is a reduction in normal business activity.

Management Objectives

Specific goals set by a management team to guide the operations and direction of a company or organization.

Compressed Workweek

An alternative work schedule in which employees work fewer than the normal five days a week but still put in a normal number of hours per week.

Peter Drucker

An Austrian-born American management consultant, educator, and author, whose writings contributed to the philosophical and practical foundations of the modern business corporation.