The Seagull Partnership has three equal partners.Partner A's tax year ends June 30th,and Partners B and C use a calendar year.If the partnership uses the calendar year to report its income,Partner A is permitted to defer partnership income earned from July through December 2014 until he files his tax return for his year ending June 30,2015.

Question

Quizplus · Accepted Answer

The partner reports his income for the partnership tax year that ends with or within his tax year ending June 30,2015.Thus,when Partner A files his tax return for his year ending June 30,2015,he must report his share of the partnership income for the calendar year 2014.

The Seagull Partnership Has Three Equal Partners