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Which entities must have tax years that conform with the tax years of their owners? a
Which entities must have tax years that conform with the tax years of their owners?
a. Partnerships
b. S corporations
c. Personal service corporations
d. All of the above
e. None of these
Expert Solution
Answer choice: a. Partnerships
Explanation:
Partnerships are required to have tax years that conform with the tax years of their owners. These rules are set forth by the Internal Revenue Service (IRS) and the only exceptions are if the partnership makes a section 444 election which is a form that has to be sent to the IRS. S corporations and personal service corporations have the option of a calendar year or a fiscal year depending on the nature of the business.
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