The Seagull Partnership has three equal partners.Partner A's tax year ends June 30th,and Partners B and C use a calendar year.If the partnership uses the calendar year to report its income,Partner A is permitted to defer partnership income earned from July through December 2015 until he files his tax return for his year ending June 30,2016.

Question

Quizplus · Accepted Answer

This is true because Partner A's tax year ends in June, which is within the second half of the calendar year. Therefore, they are allowed to defer income earned from July to December until they file their tax return for their year ending in June.

The Seagull Partnership Has Three Equal Partners