Lincoln, Inc., Washington, Inc., and Adams, Inc., form Presidential Suites Partnership on February 15, 20X9.Now, Presidential Suites 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 Presidential Suites use, and what rule requires this year-end?
$$\begin{array} { l c c c }
& \text { Presidential Suites Partrarship } & \
& \text { Year-End } & \text { Profits } & \text { Capital } \
\text { Lincoln, Inc. } & 3 / 31 & 35 \% & 30 \% \
\text { Washington, Inc. } & 7 / 31 & 30 \% & 40 \% \
\text { Adarns, Inc. } & 11 / 30 & 35 \% & 30 \%
\end{array}$$

Question

Lincoln, Inc., Washington, Inc., and Adams, Inc., form Presidential Suites Partnership on February 15, 20X9.Now, Presidential Suites 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 Presidential Suites use, and what rule requires this year-end?
 $$\begin{array} { l c c c } 
& \text { Presidential Suites Partrarship } & \
& \text { Year-End } & \text { Profits } & \text { Capital } \
\text { Lincoln, Inc. } & 3 / 31 & 35 \% & 30 \% \
\text { Washington, Inc. } & 7 / 31 & 30 \% & 40 \% \
\text { Adarns, Inc. } & 11 / 30 & 35 \% & 30 \%
\end{array}$$

Quizplus · Accepted Answer

The Answer of Lincoln, Inc., Washington, Inc., and Adams, Inc., form Presidential Suites Partnership on February 15, 20X9.Now, Presidential Suites 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 Presidential Suites use, and what rule requires this year-end?
 $$\begin{array} { l c c c } 
& \text { Presidential Suites Partrarship } & \
& \text { Year-End } & \text { Profits } & \text { Capital } \
\text { Lincoln, Inc. } & 3 / 31 & 35 \% & 30 \% \
\text { Washington, Inc. } & 7 / 31 & 30 \% & 40 \% \
\text { Adarns, Inc. } & 11 / 30 & 35 \% & 30 \%
\end{array}$$