Gold Corporation, Silver Corporation, and Copper Corporation are equal partners in the GSC Partnership. The partners' tax year-ends are as follows: Gold December 31
Silver April 30
Copper September 30

Question

Quizplus · Accepted Answer

The partnership must use the tax year of the partner with the majority interest, or if no majority, the tax year that results in the least aggregate deferral of income. In this case, September 30 results in the least deferral.

Gold Corporation, Silver Corporation, and Copper Corporation Are Equal Partners