Which of the Following Statements Regarding a Partnership's Tax Year

question 24

Multiple Choice

Which of the following statements regarding a partnership's tax year is/are correct?
I.A partnership formed on July 1 must adopt a tax year ending on June 30.
II.A valid business purpose can no longer be claimed as a reason for adoption of a tax year other than the generally required tax year.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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Definitions:

Brazilian Reais

The official currency of Brazil, symbolized as BRL and represented by the symbol R$.

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Footwear designed specifically for protecting the feet and ankles during outdoor walking activities such as hiking.

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The value of a country's total exports minus its total imports, representing the net trade of goods and services with foreign countries over a specific time period.

Net Capital Outflow

The difference between the domestic country's total purchase of foreign assets and foreign purchases of the domestic country's assets over a specific period of time.