O Money distributed by the partnership to the partner. O The partner\'s distribu

Question

O Money distributed by the partnership to the partner. O The partner's distribudive share of the partnership's taxable income and gain. Mark for follow up Question 30 of 75 Tanya and Nancy, both calendar-year taxpayers, each own a 20% interest in Partnership TNT Techron, Inc. whose fiscal year ends on June 30, 2017, owns a 60% interest in Partnership TNT. Partnership TNT has not established a business purpose for using a different tax year, nor has it made a fiscal year tax-year election. On what date does Partnership TNT's required tax year end? O March 15, 2017. O April 18, 2017 June 30, 2017 O December 28, 2017 Mark for folow up Back Save / Return Later Summary Next

Explanation / Answer

Ans is C June 30, 2017

Explanation: A partnership tax year is decided by Majority of interest holder which has same tax year, in the present scenario, tanya and Nancy both have calendar year tax year but their interest holding is only 40% combined, on the other side Techron has 60% interest holding so it will be a majority interest holder and its tax year end will apply to TNT also.

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