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

Question

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Partnerships with partners who have different tax year-ends must adopt a tax year-end that is the same as the majority of its partners. In this case, all three partners have different year-ends, so the partnership must choose a common year-end. September 30th is the only year-end that is common to all partners, so it must be used as the partnership's year-end.

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