27. Red, White, and Blue are unrelated corporations engaged in real estate development. The three...
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Accounting
27. Red, White, and Blue are unrelated corporations engaged in real estate development. The three corporations formed a joint venture (treated as a partnership) to develop a tract of land. Assuming that the venture does not have a natural business year, what tax year must the joint venture adopt under the following circumstances?
A. Tax Year Ending Interest in Joint Venture
RED March 31 60%
BLUE June 30 20%
WHITE October 31 20%
B. Tax Year Ending Interest in Joint Venture
RED October 31 30%
WHITE September 30 40%
BLUE January 31 30%
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