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(a) J Corp., K Corp., and L form a partnership. J Corp. has a 70%...

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Accounting

(a) J Corp., K Corp., and L form a partnership. J Corp. has a 70% interest, and K Corp. and L both have 15% interests. J Corp.'s taxable year ends March 31, K Corp.'s taxable year ends September 30, and L uses the calendar year. What taxable year must partnership JKL adopt?

b) Same as part a, except that J Corp. and K Corp. each have a 30% interest and L has a 40% interest. What taxable year must partnership JKL adopt?

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