Lincoln, Inc., Washington, Inc., and Adams, Inc. form Presidential Suites Partnership on February 15, 20X9....
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Lincoln, Inc., Washington, Inc., and Adams, Inc. 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? SHOW YOUR WORK.
Presidential Suites Partnership
Year-End Profits Capital
Lincoln, Inc. 3/31 35% 30%
Washington, Inc. 7/31 30% 40%
Adams, Inc. 11/30 35% 30%
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