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:

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A term for the group of African American advisers to President Franklin D. Roosevelt during his presidency.

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