Dogg Corporation, Katt Corporation, and Rabitt Corporation Are Equal Partners

Dogg Corporation, Katt Corporation, and Rabitt Corporation are equal partners in Critter Partnership. The partner's fiscal year ends follow: Dogg Corporation February 28 Katt Corporation May 31 Rabitt Corporation August 31 Which of the following statements is are) correct? I. Critter Partnership may elect to use any of the three dates that the partners use. II. Critter Partnership must use the tax year of the partner that creates the least amount of deferral.

A) Only statement I is correct.
B) Only statement II is correct.
C) Both statements are correct.
D) Neither statement is correct.