Identify which of the following statements is true.
A)The Fisher Partnership is owned equally by four individual partners. Two of the partners have fiscal years ending March 31 and two partners have fiscal years ending June 30. The partnership has a natural business year. The partnership must adopt a calendar year for tax reporting purposes unless a Sec. 444 election is made.
B)Partnerships make most of the tax elections for the partnership rather than the partners.
C)A partner can elect the depreciation method to be applied to the partner's share of the partnership's depreciable assets.
D)All of the above are false.

Question

Quizplus · Accepted Answer

Partnerships generally make tax elections at the partnership level rather than allowing individual partners to make separate elections. This includes elections related to accounting methods, depreciation methods, and other tax-related choices that affect the partnership as a whole.

Identify Which of the Following Statements Is True