Which of the Following Taxable Years Are Allowable by a Newly

Multiple Choice

Which of the following taxable years are allowable by a newly formed partnership without obtaining prior approval from the IRS?
I.A January 31 year-end if it is a retail enterprise with a natural business year ending January 31 and all of its principal partners are on a calendar year.
II.A calendar year if majority partners and principal partners have varied year-ends.
III.A taxable year that is the same as that of its majority partners.
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A) Only statement I is correct.
B) Only statement III is correct.
C) Only statement II is correct.
D) Statements II and III are correct.
E) Statements I, II, and III are correct.