25 May Question 1. A doctor’s incorporated medical practice may end the last day of any month of the year. a. True
Question
1. A doctor’s incorporated medical practice may end the last day of any month of the year.
a. True
b. False
2. A C corporation that does not have a natural business year must use a calendar year as its tax year.
a. True
b. False
A C corporation’s selection of a tax year, generally, is independent of the tax year of its principal shareholders.
c. True
d. False
3. The DEF Partnership had three equal partners when it was formed. Partners D and E were calendar year taxpayers and Partner F’s tax year ended on June 30th before he joined the partnership. The partnership may use a calendar year and partner F may continue to use the tax year ending June 30th.
a. True
b. False
4. The tax year of one of the principal partners may determine the partnership’s tax year.
a. True
b. False
5. The Seagull Partnership has three equal partners. Partner A’s tax year ends June 30th, and Partners B and C use a calendar year. If the partnership uses the calendar year to report its income, Partner A is permitted to defer partnership income earned from July through December 2014 until he files his tax return for his year ending June 30, 2015.
a. True
b. False
6. Red Corporation and Green Corporation are equal partners in the R & G Partnership. Red Corporation’s tax year ends September 30th, and Green Corporation is a calendar year taxpayer. The greatest aggregate deferral of income would occur if the partnership used a calendar year for tax purposes.
a. True
b. False
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