Which of the Following Taxable Years Are Allowable by a Newly

question 63

Multiple Choice

Which of the following taxable years are allowable by a newly formed partnership without obtaining prior approval from the IRS?
I.A January 31 year-end if it is a retail enterprise with a natural business year ending January 31 and all of its principal partners are on a calendar year.
II.A calendar year if majority partners and principal partners have varied year-ends.
III.A taxable year that is the same as that of its majority partners.
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• A)Only statement I is correct.
• B)Only statement III is correct.
• C)Only statement II is correct.
• D)Statements II and III are correct.
• E)Statements I, II, and III are correct.

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Definitions:

Lubricant

A substance used to reduce friction between surfaces in mutual contact, which can either be natural or synthetic, commonly used in sexual activities to decrease discomfort.

Somatic Pain

Discomfort that arises from ligaments, tendons, bones, blood vessels, and nerves.

Sprained Ankle

An injury involving the stretching or tearing of ligaments around the ankle, often caused by twisting or rolling the foot.

Medical Diagnosis

A diagnosis that refers to disease processes—specific pathophysiological responses that are fairly uniform from one client to another.