Snoopy Corporation,Garfield Corporation,and Dogbert Corporation Are Partners in Comic Partnership

Snoopy Corporation,Garfield Corporation,and Dogbert Corporation are partners in Comic Partnership.The partners' fiscal year ends and ownership interests follow:
$\begin{array}{lll}\text { Snoopy Corporation } & \text { March 31 FYE } & 15 \% \text { Interest } \\\text { Garfield Corporation } & \text { May 31 FYE } & 30 \% \text { Interest } \\\text { Dogbert Corporation } & \text { October 31 FYE } & 55 \% \text { Interest }\end{array}$
I.Comic Partnership must use a calendar year end,unless the IRS approves an election for a different tax year.
II.Comic Partnership must use a October 31 fiscal year end.

A) Only statement I is correct.
B) Only statement II is correct.
C) Both statements are correct.
D) Neither statement is correct.