The Seagull Partnership Has Three Equal Partners

question 29

True/False

The Seagull Partnership has three equal partners.Partner A's tax year ends June 30th,and Partners B and C use a calendar year.If the partnership uses the calendar year to report its income,Partner A is permitted to defer partnership income earned from July through December 2011 until he files his tax return for his year ending June 30,2012.

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