Which of the following is the last day to modify a partnership agreement in orde

Question

Which of the following is the last day to modify a partnership agreement in order for a special allocation to be respected A the extended due date of the tax return B the last day of the fiscal year in which the allocation is made C December 31 of the year in which the allocation is made D April 15 following the year the application is made for a Callender year partnership Which of the following is the last day to modify a partnership agreement in order for a special allocation to be respected A the extended due date of the tax return B the last day of the fiscal year in which the allocation is made C December 31 of the year in which the allocation is made D April 15 following the year the application is made for a Callender year partnership

Explanation / Answer

Answer will be option A i.e., the extended due date of the tax return.

Under IRC sec 761(c) amemndemnt must be made on or before of due date (including extension) of the partnership return.

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