Problem: Lincoln, inc., Washington, inc, and Adams, inc. form presidential suites partnership on Feb. 15 2010. Now, presidential suites must adopt its required tax year-end. The partners year-ends, profits interts and capital interest are reflected below. Given this information, what tax year-end must Presidential Suites use and what rule requires this year-end?
Year-End Profits Capital
Lincoln, Inc 3/31 35% 30%
Washington, Inc 7/31 30% 40%
Adams, Inc 11/30 35% 30%