Question

Martina and Nellie, bith calendar year taxpayers, each own a 15% interest in Partnership MNO. Orron, Inc., whose fiscal year ends on March 30, 2018, owna a 70% interest in Partnershi MNO. Patrnership MNO has not established a business purose gid ysing a different tax year, nor has it made a fiscal year tax year election. On what date dies Partnership MNO’s required tax year end?

Answer 1

As per income tax if date is not specified for year end then in that case 31 March is the last date of that financial year so according to the provision 31 March 2018 is the year end of partnership MNO's.