Question

trixie (an individual), speed corp. and pops, inc. each own a capital and profits interest in mock five partnership of 30%, 40% and 40%, respectively. trixie has a calendar year-end, speed has a may 31 year-end and pops has an august 31 year-end. what year-end must mock five use?

Answer 1

Mock five partnership must use the August 31 year-end because Pops, Inc. has the latest year-end among the three partners.

Step-by-step explanation:

The year-end that mock five partnership must use is determined by the partner with the latest year-end. In this case, Pops, Inc. has an August 31 year-end, which is the latest among the three partners. Therefore, mock five partnership must use the August 31 year-end.