Tonya and Nancy, both calendar year taxpayers, each own a 20% interest in partne
ID: 2599260 • Letter: T
Question
Tonya and Nancy, both calendar year taxpayers, each own a 20% interest in partnership TNT. Techron, Inc., whose fiscal year ends on June 30th 2016, owns a 60 percent interest and partnership TNT. 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? Tonya and Nancy, both calendar year taxpayers, each own a 20% interest in partnership TNT. Techron, Inc., whose fiscal year ends on June 30th 2016, owns a 60 percent interest and partnership TNT. 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?Explanation / Answer
Answer :- Required Tax year of TNT partnership will end on December 31, 2016 in the above given question.
Conclusion :- December 31, 2016.