Why congress allowed the exception to the calendar year

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Reference no: EM131175367

Discussion: Partnership Tax Year

The IRC restricts the choices for a partnership‘s tax year to prevent the deferral of tax. This causes most partnerships to adopt a calendar year for tax reporting. From the e-Activity, create a scenario using a fiscal tax year which allows a partnership to defer taxes that meet the requirements of Sections 706 and 444 of the IRC.

Suggest at least one major reason why Congress allowed the exception to the calendar year for partnership tax year elections.

Reference no: EM131175367

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