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Lincoln, Incorporated, Washington, Incorporated, and Adams, Incorporated, Form Presidential Suites

Question 22

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Lincoln, Incorporated, Washington, Incorporated, and Adams, Incorporated, form Presidential Suites Partnership on February 15, 20X9. Now, Presidential Suites must adopt its required tax year-end. The partners' year-ends, profits interests, and capital interests are reflected in the table below. Given this information, what tax year-end must Presidential Suites use, and what rule requires this year-end?
Lincoln, Incorporated, Washington, Incorporated, and Adams, Incorporated, form Presidential Suites Partnership on February 15, 20X9. Now, Presidential Suites must adopt its required tax year-end. The partners' year-ends, profits interests, and capital interests are reflected in the table below. Given this information, what tax year-end must Presidential Suites use, and what rule requires this year-end?

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