Which of the Following Statements Regarding the Process for Determining

question 88

Multiple Choice

Which of the following statements regarding the process for determining a partnership's tax year-end is true?

• A) Only the partners' profits interests are relevant when determining if a partnership has a majority interest taxable year.
• B) Under the principal partners test, a principal partner is defined as a partner having an interest of 3% or more in the profits or capital of the partnership.
• C) The least aggregate deferral test utilizes the partners' capital interests to measure the amount of aggregate deferral.
• D) A partnership is required to use a calendar year-end if it has a corporate partner.
• E) None of these is true.

---

Definitions:

Credit Information

Data that pertains to the creditworthiness of an individual or company, including credit history, current debt levels, and payment records.

Identity Theft

Identity theft is the fraudulent acquisition and use of a person's private identifying information, usually for financial gain.

Security Experts

Professionals specializing in protecting information systems and networks from various security threats.