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:

Homeostasis

The process by which biological systems tend to maintain stability while adjusting to conditions that are optimal for survival.

Drive

An internal motivational state created by physiological or psychological needs that drives an individual to engage in behaviors to satisfy those needs.

Alertness

A state of active attention by the mind to the environment or stimuli, often marked by a heightened sense of awareness.

Drive-Reduction Theory

A theory in psychology that posits the reduction of physiological needs is a primary motivator for behavior.