MNO Partnership has three equal partners. Moon, Inc. and Neptune, Inc. each have fiscal years ending March 31.
Omega uses the calendar year. MNO's required taxable year-end is March 31 under the majority partner rule.

Question

Quizplus · Accepted Answer

The majority partner rule states that a partnership's taxable year-end is the same as the taxable year-end of its majority partner. In this case, Moon, Inc. and Neptune, Inc. are both majority partners, and their taxable year-ends are both March 31. Therefore, MNO Partnership's taxable year-end is also March 31.

MNO Partnership Has Three Equal Partners