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:

Not-for-profit Agencies

Organizations that operate for purposes other than generating profit, often focused on social, educational, or charitable activities.

Innovative

Characterized by the introduction of new ideas, devices, or methods.

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Government organizations that operate at the local, state, or national level to provide public services to citizens.

Medicaid

A government-funded program in the United States that provides health insurance to low-income individuals and families.