The tax year of one of the principal partners may determine the partnership's tax year.

Name: The tax year of one of the principal partners may determine the partnership's tax year.
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The IRS allows partnerships to choose their tax year, but if one of the principal partners has a different tax year (such as a fiscal year), the partnership may have to adopt that partner's tax year. This is done to ensure consistency and proper allocation of income and expenses.

The Tax Year of One of the Principal Partners May