Lincoln, Inc

Lincoln, Inc., Washington, Inc., and Adams, Inc. form Presidential Suites Partnership on February 15, 20X9. Now, Presidential Suites must adopt its required tax year-end. The partners' year-ends, profits interests, and capital interests are reflected in the table below. Given this information, what tax year-end must Presidential Suites use and what rule requires this year-end? $$\begin{array} { | l | r | } \hline \text { Cost of Goods Sold } & \$ 85,000 \\\hline \text { Cash Distribution to Harry } & \$ 15,000 \\\hline \text { Municipal Bond Interest } & \$ 1,500 \\\hline \text { Short-Term Capital Gains } & \$ 4,500 \\\hline \text { Employee Wages } & \$ 40,000 \\\hline \text { Rent } & \$ 10,000 \\\hline \text { Charitable Contributions } & \$ 25,000 \\\hline \text { Sales } & \$ 175,000 \\\hline \text { Repairs and Maintenance } & \$ 5,000 \\\hline \text { Long-Term Capital Gains } & \$ 12,000 \\\hline \text { Fines and Penalties } & \$ 5,000 \\\hline \text { Guaranteed Pay ment to Lloyd } & \$ 25,000 \\\hline\end{array}$$