Harry and Sally Are Considering Forming a Partnership

question 92

Essay

Harry and Sally are considering forming a partnership. Both taxpayers use the calendar year and are cash basis taxpayers. The partnership will not be a tax shelter. The partners are uncertain as to whether the partnership should use the cash or accrual method of accounting. Also, the idea of a tax deferral in the first year of operations has led them to consider using a June 30 fiscal year-end for the partnership.
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As their tax adviser, identify the issues that must be considered in selecting an accounting method and tax year for the partnership.

Identify theories explaining racial and ethnic prejudices and their manifestations in individuals' behaviors and attitudes.

Understand the controversies and implications surrounding policies and practices affecting ethnic minorities in Canada.

Understand the role and legal effect of treaties in the U.S. legal system.

Recognize the existence and purpose of regional trade communities across the globe.

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Definitions:

Equivalent

Possessing identical worth, purpose, or significance.

Predicates

Components of sentences that express what is being said about the subject, typically containing a verb and providing information about the subject's action or state.

Propositions

Statements or assertions that express a judgment or opinion which can be either true or false.

Proposition

An expression or declaration that conveys an assessment or viewpoint, capable of being either correct or incorrect.