Assuming That a Partnership Normally Has a Calendar Year-End, What

question 42

Essay

Assuming that a partnership normally has a calendar year-end, what should the tax year-end be in the following independent cases?
a. Jim, a 70 percent partner, sells his partnership interest to Fred on August 10.
b. On July 13, the partnership sells its office building and moves its business across town.
c. June buys a 15 percent interest in the partnership on May 14.
d. The partnership goes out of business on February 26.