A Partnership Can Elect to Use a Tax Year Other

question 74

True/False

A partnership can elect to use a tax year other than a calendar year if the partnership's CPA is too busy to prepare a calendar year return.

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Definitions:

Default

The failure to fulfill an obligation, especially failing to pay back a loan on time.

Surety

is a person or entity that takes responsibility for another's performance, such as fulfilling the terms of a contract or repaying a loan.

Default

Failure to fulfill a legal obligation or agreement, such as not making a payment on a loan by the due date.

Obligation

A duty or commitment to fulfill a contractual, legal, or moral requirement.