The Exclusive Uniform partnership has a natural business cycle which corresponds with the school year of July through June.The owners of the shop file their tax return on a calendar year basis.What tax year end can the partnership adopt?
A) The partnership must adopt a calendar year tax year.
B) The partners may adopt either a tax year that ends in June or in December.
C) The partners must adopt a tax year ending in June.
D) The partners may choose to end the tax year in any month they want.
Correct Answer:
Verified
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