ACCT 420-Teresa, Samantha, and Melanie have operated
Question # 00551494
Posted By:
Updated on: 06/24/2017 03:11 AM Due on: 06/24/2017
Teresa, Samantha, and Melanie have operated Broken Feather LLC for the last four years using a calendar year-end. Each has a one-third interest. Since they began operating, their busy season has run from June through August, with 35% of their gross receipts coming in July and August. The members would like to change their tax year-end and have asked you to address the following: a) can they change to an August 31 year-end and if so, how do they make the change and 2) can they change to a September 30 year-end and if so, how do they make the change?
(use RIA Checkpoint to guide you in your response):
Can they make either or both of the changes they propose?
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Rating:
/5
Solution: ACCT 420-Teresa, Samantha, and Melanie have operated