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:

Axon

is a long, slender projection of a nerve cell that conducts electrical impulses away from the neuron's cell body.

Neurotransmitters

Chemical messengers that transmit signals across the synaptic space from one neuron to another in the brain.

Neural Impulse

An electrical signal that travels along the axon of a neuron, transmitting information between neurons or from neurons to muscles.

Spinal Cord

The long, thin, tubular structure made up of nervous tissue, which extends from the medulla oblongata in the brainstem to the lumbar region of the vertebral column, acting as the principal pathway for transmitting information between the brain and the rest of the body.