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Bob, Kara, and Mark are partners in the BKM Partnership. Bob is a​ 40% partner and has a June 30 tax yearminusend. Kara owns a​ 40% interest in the partnership and has a September 30 tax yearminus​end, and Mark owns the remaining​ 20% interest and has an October 31 tax yearminusend. The partnership does not have a natural business year. What is the required tax yearminusend for the partnership​ (if no Sec. 444 election is​ made)?

Respuesta :

Answer:

June 30

Explanation:

According to the section 444, the partnership should be elect while using the tax year besides the required tax year but it is not applied to any partnership that introduced a purpose of the business for a distinct or different period

Since in the given situation, the bob is 40% partner and the partnership also does not have a natural business year plus there is no section 444 election is made.

Therefore, in this case the June 30 is to be considered

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