W, B, and G, the sole owners of a partnership, use different tax years for their individual returns.They agree to adopt concurrent tax years for their personal returns.The partnership may also change its tax year to coincide with those of the partners without approval from the IRS.

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Partnerships are allowed to change their tax year without approval from the IRS as long as all partners agree and adopt concurrent tax years for their personal returns.

W, B, and G, the Sole Owners of a Partnership