Gold Corporation,Silver Corporation,and Platinum Corporation are equal partners in the GSP Partnership,which was formed on July 1,2011.Gold and Silver uses a calendar tax year,and Platinum's tax year ends September 30.GSP is not a seasonal business.
A) GSP may elect its tax year without regard to the partners' tax years.
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 must use a tax year ending December 31st, and Platinum can retain its tax year ending September 30th.
E) None of the above.
Correct Answer:
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