MNO Partnership has three equal partners.Moon,Inc.and Neptune,Inc.each have fiscal years ending March 31.Omega uses the calendar year.MNO's taxable year end must be determined using the least aggregate deferral method,and is December 31.

Question

MNO Partnership has three equal partners.Moon,Inc.and Neptune,Inc.each have fiscal years ending March 31.Omega uses the calendar year.MNO's taxable year end must be determined using the least aggregate deferral method,and is December 31.
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Quizplus · Accepted Answer

The least aggregate deferral method requires choosing a taxable year that minimizes the deferral of income for the partners. Since two partners have fiscal years ending March 31, the least aggregate deferral would likely result in a March 31 year-end, not December 31.

MNO Partnership Has Three Equal Partners