Gold Corporation,Silver Corporation,and Platinum Corporation are equal partners in the GSP Partnership,which was formed on July 1,2014.Gold and Silver use a calendar tax year,and Platinum's tax year ends June 30th.GSP is not a seasonal business.
A) GSP must use a tax year ending December 31st,and Platinum can retain its tax year ending June 30th.
B) GSP must use a tax year ending June 30th,and the partners must change their tax years to end on June 30th.
C) GSP must use a tax year ending December 31st and Platinum must change its tax year to December 31st.
D) GSP may elect its tax year without regard to the partners' tax years.
E) None of these.
Correct Answer:
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