A Partnership Cannot Elect to Use a Tax Year Other

question 80

True/False

A partnership cannot elect to use a tax year other than a calendar year merely because the partnership's CPA is too busy to prepare a calendar year return.

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Definitions:

Liquidate

The process of converting assets into cash or other forms of payment, often used in the context of dissolving a business or paying off debts.

Compulsory Share Exchange

A corporate action where a company's shares are acquired in exchange for shares of the acquiring company, typically mandating that all shareholders participate.

Merge

To combine or unite multiple entities, such as companies or datasets, into one integrated whole.

Short-form Merger

A short-form merger is a type of merger that allows a parent company to absorb a subsidiary without the approval of the shareholders of the subsidiary.