KBL, Inc., AGW, Inc., Blaster, Inc., Shiny Shoes, Inc., and a group of 24 individuals form Shoes Galore General Partnership on October 11, 20X9.Now, Shoes Galore must adopt its required tax year-end.The partners' year-ends, profits interests, and capital interests are reflected in the table below.Given this information, what tax year-end must Shoes Galore use, and what rule requires this year-end?
$$\begin{array} { l c c c }
& { \text { Shoes Galore General Partrership } } & \
& \text { Year-End } & \text { Profits } & \text { Capital } \
\text { KBL, Inc } & 1 / 31 & 25 \% & 25 \% \
\text { AGW, Inc. } & 1 / 31 & 20 \% & 20 \% \
\text { Blaster, Inc } & 3 / 31 & 4 \% & 4 \% \
\text { Shiry Shoes, Inc. } & 6 / 30 & 3 \% & 3 \% \
\text { 24 Individuals } & 12 / 31 & 2 \% \text { each } ( 48 \% \text { total) } & 2 \% \text { each } ( 48 \% \text { total) }
\end{array}$$

Question

KBL, Inc., AGW, Inc., Blaster, Inc., Shiny Shoes, Inc., and a group of 24 individuals form Shoes Galore General Partnership on October 11, 20X9.Now, Shoes Galore must adopt its required tax year-end.The partners' year-ends, profits interests, and capital interests are reflected in the table below.Given this information, what tax year-end must Shoes Galore use, and what rule requires this year-end?
 $$\begin{array} { l c c c } 
&  { \text { Shoes Galore General Partrership } } & \
& \text { Year-End } & \text { Profits } & \text { Capital } \
\text { KBL, Inc } & 1 / 31 & 25 \% & 25 \% \
\text { AGW, Inc. } & 1 / 31 & 20 \% & 20 \% \
\text { Blaster, Inc } & 3 / 31 & 4 \% & 4 \% \
\text { Shiry Shoes, Inc. } & 6 / 30 & 3 \% & 3 \% \
\text { 24 Individuals } & 12 / 31 & 2 \% \text { each } ( 48 \% \text { total) } & 2 \% \text { each } ( 48 \% \text { total) }
\end{array}$$

Quizplus · Accepted Answer

The Answer of KBL, Inc., AGW, Inc., Blaster, Inc., Shiny Shoes, Inc., and a group of 24 individuals form Shoes Galore General Partnership on October 11, 20X9.Now, Shoes Galore must adopt its required tax year-end.The partners' year-ends, profits interests, and capital interests are reflected in the table below.Given this information, what tax year-end must Shoes Galore use, and what rule requires this year-end?
 $$\begin{array} { l c c c } 
&  { \text { Shoes Galore General Partrership } } & \
& \text { Year-End } & \text { Profits } & \text { Capital } \
\text { KBL, Inc } & 1 / 31 & 25 \% & 25 \% \
\text { AGW, Inc. } & 1 / 31 & 20 \% & 20 \% \
\text { Blaster, Inc } & 3 / 31 & 4 \% & 4 \% \
\text { Shiry Shoes, Inc. } & 6 / 30 & 3 \% & 3 \% \
\text { 24 Individuals } & 12 / 31 & 2 \% \text { each } ( 48 \% \text { total) } & 2 \% \text { each } ( 48 \% \text { total) }
\end{array}$$

KBL, Inc, AGW, Inc