Snoopy Corporation, Garfield Corporation, and Dogbert Corporation are partners in Comic Partnership. The partners' fiscal year ends and ownership interests follow:
?
$$\begin{array} { l l l }
\text { Snoopy Corporation } & \text { March 31 FYE } & 15 \% \text { Interest } \
\text { Garfield Corporation } & \text { May 31 FYE } & 30 \% \text { Interest } \
\text { Dogbert Corporation } & \text { October 31 FYE } & 55 \% \text { Interest }
\end{array}$$
I.Comic Partnership must use a calendar year end, unless the IRS approves an election for a different tax year.
II.Comic Partnership must use a October 31 fiscal year end.
?

Question

Snoopy Corporation, Garfield Corporation, and Dogbert Corporation are partners in Comic Partnership. The partners' fiscal year ends and ownership interests follow:
?
$$\begin{array} { l l l } 
\text { Snoopy Corporation } & \text { March 31 FYE } & 15 \% \text { Interest } \
\text { Garfield Corporation } & \text { May 31 FYE } & 30 \% \text { Interest } \
\text { Dogbert Corporation } & \text { October 31 FYE } & 55 \% \text { Interest }
\end{array}$$
I.Comic Partnership must use a calendar year end, unless the IRS approves an election for a different tax year.
II.Comic Partnership must use a October 31 fiscal year end.
?

Quizplus · Accepted Answer

The Answer of Snoopy Corporation, Garfield Corporation, and Dogbert Corporation are partners in Comic Partnership. The partners' fiscal year ends and ownership interests follow:
?
$$\begin{array} { l l l } 
\text { Snoopy Corporation } & \text { March 31 FYE } & 15 \% \text { Interest } \
\text { Garfield Corporation } & \text { May 31 FYE } & 30 \% \text { Interest } \
\text { Dogbert Corporation } & \text { October 31 FYE } & 55 \% \text { Interest }
\end{array}$$
I.Comic Partnership must use a calendar year end, unless the IRS approves an election for a different tax year.
II.Comic Partnership must use a October 31 fiscal year end.
?

Snoopy Corporation, Garfield Corporation, and Dogbert Corporation Are Partners in Comic