Determine the ownership percentage of capital and profits, Accounting Basics

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Determine the ownership percentage of capital and profits

Partnership Tax Year

Response to the following problem:

EFGH partnership consists of four partners, E, F, G, and H. Each partner's year end along with their ownership percentage of capital and profits is shown below. Determine EFGH's required tax year.

Partner Year-End Percentage

E June 30 48%

F October 31 4%

G December 31 24%

H December 31 24%

100%

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Accounting Basics: Determine the ownership percentage of capital and profits

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Accounting Basics: Determine the ownership percentage of capital and profits

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