How does a partnership make a tax election for the current year?
A) Partnerships make certain elections automatically by simply filing their returns.
B) Partnerships make certain tax elections by filing a separate form with the IRS.
C) Partnerships do not need to file anything to make a tax election.
D) Partnerships do not make tax elections. Partners must make tax elections separately.
E) Both Partnerships make certain elections automatically by simply filing their returns and Partnerships make certain tax elections by filing a separate form with the IRS.

Question

Quizplus · Accepted Answer

For most tax elections, the partnership must make the election. This is accomplished by either applying the desired election on the tax return or asking permission from the IRS by submitting a separate form. The method of making an election depends on the nature of the election.

How Does a Partnership Make a Tax Election for the Current