Answer:
The true statement is The partnership can request permission from the IRS to use a January 31 fiscal year if it can establish that as a natural business year.
Explanation:
This statement is true because as the different partners have different tax calendars, a general single calendar would help. In order to do so the basic and best calendar possible is the January 31 fiscal year as it is after 2 quarters for Swift and after 1 quarter for Heron.
Answer:
Answer is The partnership can request permission from the IRS to use a January 31 fiscal year if it can establish that as a natural business year.
Refer below.
Explanation:
Swift, Inc., Heron Inc., and Canary formed a general partnership. Swift owns a 50% interest and Heron and Canary each own 25% interests. Swift, Inc. files its tax return on a July 1 - June 30 fiscal year; Heron Inc. files on a September 1 - August 31 fiscal year; and Canary is a calendar year taxpayer because The partnership can request permission from the IRS to use a January 31 fiscal year if it can establish that as a natural business year.
