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What is the tax year the partnership must use and why

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Reference no: EM131961728

Question - Cloud Rider LLC has about 30 LLC members. Enyfs, Inc. (25% owner) and Nest, Inc. (21% owner) both have June 30 tax year ends. Brom, Inc.; Titus, Inc.; and Gerrera, Inc. each own 4% (12% total) and have September 31 taxable year ends. The other members (42% total) each own interests of 4% or less and use the calendar year (December 31). What is the tax year the partnership must use and why?

Reference no: EM131961728

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