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 2016 until he files his tax return for his year ending June 30, 2017.

Question

Quizplus · Accepted Answer

Partner A can defer reporting the partnership income earned from July through December 2016 until his tax year ending June 30, 2017, because his tax year ends after the partnership's calendar year.

The Seagull Partnership Has Three Equal Partners