Problem 10-41 (LO. 6) Cerulean, Inc., Coral, Inc., and Crimson, Inc., form the Three Cs...
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Problem 10-41 (LO. 6) Cerulean, Inc., Coral, Inc., and Crimson, Inc., form the Three Cs Partnership on January 1 of the current year. Cerulean is a 50% partner, and Crimson and Coral are 25% partners. For reporting purposes, Crimson uses a fiscal year with an October 31 year-end, Coral uses the calendar year, and Cerulean uses a fiscal year with a February 28/29 year-end. Round your intermediate computations and final answers to two decimal places. a. What is the aggregate number of deferral months under the following, using the least aggregate deferral method: February 28 year end: October 31 year end: December 31 year end: b. Under the least aggregate deferral method, what is the required tax year for the partnership? October 31
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