The DEF Partnership had three equal partners when it was formed. Partners D and E were calendar year taxpayers and Partner F's tax year ended on June 30th before he joined the partnership. The partnership may use a calendar year and partner F may continue to use the tax year ending June 30th.
Answer the following statement true (T) or false (F)
True
Rationale: Generally, the partnership must conform its tax year to agree with that of the majority interest partners; that is, partners with a greater than 50% interest in the partnership who have the same tax year-end. For the DEF partnership, Partners D and E are the majority interest partners. However, the partner without the majority interest (Partner F) is not required to change his tax year.
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