Jordan, Inc., Bird, Inc., Ewing, Inc., and Barkley, Inc., formed Nothing-But-Net Partnership on June 1^st, 20X9.Now, Nothing-But-Net 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 Nothing-But-Net use, and what rule requires this year-end?
$\begin{array}{l}\text { Nothirg-But-Net Partrership }\\\begin{array} { l r c c } & \text { Year-End } & \text { Profits } & \text { Capital } \\\text { Jordan, Inc. } & 4 / 30 & 45 \% & 25 \% \\\text { Bird, Inc. } & 9 / 30 & 25 \% & 25 \% \\\text { Ewing, Inc. } & 10 / 31 & 0 \% & 25 \% \\\text { Barkley, Inc. } & 12 / 31 & 30 \% & 25 \%\end{array}\end{array}$

Question

Jordan, Inc., Bird, Inc., Ewing, Inc., and Barkley, Inc., formed Nothing-But-Net Partnership on June 1^st, 20X9.Now, Nothing-But-Net 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 Nothing-But-Net use, and what rule requires this year-end?

\begin{array}{l}\text { Nothirg-But-Net Partrership }\\\begin{array} { l r c c } & \text { Year-End } & \text { Profits } & \text { Capital } \\\text { Jordan, Inc. } & 4 / 30 & 45 \% & 25 \% \\\text { Bird, Inc. } & 9 / 30 & 25 \% & 25 \% \\\text { Ewing, Inc. } & 10 / 31 & 0 \% & 25 \% \\\text { Barkley, Inc. } & 12 / 31 & 30 \% & 25 \%\end{array}\end{array}

Quizplus · Accepted Answer

The Answer of Jordan, Inc., Bird, Inc., Ewing, Inc., and Barkley, Inc., formed Nothing-But-Net Partnership on June 1^st, 20X9.Now, Nothing-But-Net 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 Nothing-But-Net use, and what rule requires this year-end? $$\begin{array}{l} \text { Nothirg-But-Net Partrership }\ \begin{array} { l r c c } & \text { Year-End } & \text { Profits } & \text { Capital } \ \text { Jordan, Inc. } & 4 / 30 & 45 \% & 25 \% \ \text { Bird, Inc. } & 9 / 30 & 25 \% & 25 \% \ \text { Ewing, Inc. } & 10 / 31 & 0 \% & 25 \% \ \text { Barkley, Inc. } & 12 / 31 & 30 \% & 25 \% \end{array} \end{array}$$